Broker of the Week Oanda - Read Full Review

Free Top Brokers Comparison Service

HELP ME CHOOSE START QUIZ

Consolidates losses from multi-month low around mid-1.2600s

[ad_1]

  • USD/CAD eases from intraday high after refreshing the lowest levels since April 2018 the previous day.
  • Ability to regain above short-term horizontal support, receding bearish bias of MACD favor further short-covering.
  • 200-bar SMA, weekly resistance line challenge buyers.

USD/CAD declines to 1.2642 while fading the corrective pullback from a fresh multi-month low during Friday’s Asian trading. Even so, the quote prints 0.08% intraday gains and regains past-12-day-old horizontal support. Additionally, bearish MACD also seems to weaken, which in turn strengthens the odds of further recovery in the quote.

As a result, USD/CAD buyers can target the weekly resistance line, at 1.2690 now, during the further upside.

However, any more rise will have to battle the 1.2700 threshold and 200-bar SMA, currently around 1.2756, to probe the week’s high of 1.2799.

Meanwhile, a downside break of 1.2625 will recall the sellers targeting the April 2018 bottom surrounding 1.2525.

During the fall, the 1.2600 can act as a downside filter whereas the late-February 2018 low near 1.2450 can please the USD/CAD bears afterward.

USD/CAD four-hour chart

Trend: Pullback expected

 

[ad_2]

Source link

We will be happy to hear your thoughts

      Leave a reply

      Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

      Advertiser Disclosure: Brokerspilot.com helps investors across the globe by spending over hours each month testing and researching online brokers.

      How do we make money? Our partners compensate us through paid advertising.

      While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

      Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

      Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

      While Brokerspilot.com has some data verified by industry participants, it can vary from time to time.

      Operating as an online business, this site may be compensated through third-party advertisers.

      Our receipt of such compensation shall not be construed as an endorsement or recommendation by Brokerspilot.com, nor shall it bias our reviews, analysis, and opinions.

      en_USEnglish
      Best Forex Brokers Reviews
      Logo
      Reset Password
      Compare items
      • Total (0)
      Compare
      0