USD/CAD has rebounded in the short term and now is pressuring the major downtrend line, the repeated breakout attempts signal that the dynamic resistance may eventually give way.
Two Possibilities.
1-USD/CAD is pressuring the downtrend line and also last week USDCAD break support level 1.3340 and hit S-2 1.3240 where bounce back upside 1.3386 static resistance, but I believe that only a valid breakout above the Pivot Point (1.3440) level will really validate a large leg higher towards 1.3540 and 1.3690
2- If Price Break downside supports 1.3240 then we could see new lower 1.3070 major monthly base support level.
we need strong confirmation before going long as the pair is susceptible to a drop anytime again if the Dollar Index will lose altitude.
🛑SUPPORT/RESISTANCE
✅S1= 1.3240
✅S2=1.3075
✴️R1=1.3440
✴️R2=1.3590
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Two Possibilities.
1-USD/CAD is pressuring the downtrend line and also last week USDCAD break support level 1.3340 and hit S-2 1.3240 where bounce back upside 1.3386 static resistance, but I believe that only a valid breakout above the Pivot Point (1.3440) level will really validate a large leg higher towards 1.3540 and 1.3690
2- If Price Break downside supports 1.3240 then we could see new lower 1.3070 major monthly base support level.
we need strong confirmation before going long as the pair is susceptible to a drop anytime again if the Dollar Index will lose altitude.
🛑SUPPORT/RESISTANCE
✅S1= 1.3240
✅S2=1.3075
✴️R1=1.3440
✴️R2=1.3590
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.