USD/CAD retreats from the previous monthly high, refreshing intraday low near 1.3625 at the latest, as Loonie buyers return after a two-day recess.
In doing so, the quote portrays a U-turn from a downward-sloping resistance line from March 28, close to 1.3650 by the press time.
The pullback moves, however, appear less impressive as the quote keeps the mid-week breakout of the previous key resistance line stretched from early March amid bullish MACD signals and an upbeat RSI (14) line, not overbought.
Hence, the USD/CAD pair’s pullback remains elusive beyond the resistance-turned-support line of around 1.3560.
Even if the quote breaks the 1.3560 support, a convergence of the 50-DMA and a three-week-long rising trend line, close to 1.3525 at the latest, could challenge the USD/CAD pair sellers before giving them control.
In that case, the 61.8% Fibonacci retracement of February-March upside, near 1.3490, can prod the pair’s downward trajectory targeting an upward-sloping support line from February, around 1.3380.
Alternatively, a daily closing beyond the immediate resistance line surrounding 1.3650 needs validation from the previous monthly high of nearly 1.3670 to recall the Loonie pair buyers.
Following that, the yearly high marked in March around 1.3860 will gain the market’s attention.
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2023 TeleTrade-DJ International Consulting Ltd
This website is operated by Teletrade-DJ International Consulting Ltd, which is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11. Teletrade-DJ International Consulting Ltd is located at 88, Arch. Makarios Avenue, 2nd floor, Nicosia Cyprus.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.