USD/CAD broke combined resistance zone

USD/CAD broke combined resistance zone

  • USD/CAD broke combined resistance zone
  • Next buy target - 1.2600

USD/CAD continues to rise after the earlier breakout of the combined resistance zone lying at the intersection of the key resistance level 1.2410, resistance trendline of the daily down channel from May, 30-day moving average and the 50% Fibonacci correction of the previous downward impulse 1 from August. The breakout of this resistance zone accelerated the active minor wave 2. USD/CAD is expected to rise to the next buy target at the next resistance level 1.2600 (target price for the completion of the active wave 2).




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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