USD/CAD met resistance

USD/CAD met resistance

Trade ideas

SELL 1.3340; TP 1.3305; SL 1.3350

BUY 1.3305; TP 1.3460; SL 1.3280

USD/CAD was rejected down by the resistance in the 1.3460 area. The pair is now trading below the weekly pivot point at 1.3385. It’s quite reasonable to expect the pair to correct down after the rapid advance it made during the last two weeks.

As long as USD/CAD is trading below 1.3370 (50-period MA on H4), it will be vulnerable for a decline to 1.33. This is a significant level for the pair. As long as it stays above this point, the inverted “Head and shoulders” remains in place thus leaving the door for the further upside wide open. The next bullish target above 1.3460 will be at 1.3570.

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