USDCAD (D) - medium term bearish bias
The pair has been trading in the 300 or so pip range between 1.3030 and 1.3340 for the second half of the year. The US dollar has reached the October high around 1.3330 but struggled to push higher as the RSI showed signs of an over-extension. We would expect a combination of profit taking and fresh selling to drive the price lower in the upcoming days. The psychological price tag of 1.3200 will be the first test as an area of congestion near the moving averages.
Key support: 1.3200
Key resistance: 1.3330
The pair has been trading in the 300 or so pip range between 1.3030 and 1.3340 for the second half of the year. The US dollar has reached the October high around 1.3330 but struggled to push higher as the RSI showed signs of an over-extension. We would expect a combination of profit taking and fresh selling to drive the price lower in the upcoming days. The psychological price tag of 1.3200 will be the first test as an area of congestion near the moving averages.
Key support: 1.3200
Key resistance: 1.3330