USD/CAD broke resistance zone

USD/CAD broke resistance zone

  • USD/CAD broke resistance zone
  • Next buy target - 1.3000

USD/CAD today broke the resistance zone lying between the resistance level 1.2770 (top of the previous minor correction 4), 38.2% Fibonacci correction of the previous extended downward price impulse from May. The breakout for this resistance zone was preceded by the breakout of the resistance level 1.2600 (top of the earlier corrective wave A and previous buy target). USD/CAD is expected to rise to the next buy target at the next round resistance level 1.3000.




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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