USD/CAD reversed from support zone

USD/CAD reversed from support zone

  • USD/CAD reversed from support zone
  • Next buy target - 1.3400

USD/CAD continues to rise sharply after the earlier upward reversal from the support zone lying between the support levels 1.3260 and 1.3220. This support zone was further strengthened by the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Long-Legged Doji (which marked the end of the previous minor ABC correction 2). USD/CAD is expected to rise to the next buy target at the next resistance level 1.3400 (former strong support level from May).




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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