empty
 
 
07.07.2020 11:07 AM
USD/CAD Sharp Recover Incoming!

USD/CAD failure to reach the near-term downside obstacles has signaled another upside momentum. The USDX's rebound has boosted the greenback, which is regaining ground versus its rivals.

As you already know, the US ISM Non-Manufacturing PMI was reported at 57.1 points, better versus the 50.0 estimates, the expansion has saved the USD from downside in the short term and has helped the currency to dominate the market again.

This image is no longer relevant

USD/CAD has failed to retest the downtrend line, channel's resistance, and the S1 (1.3490) level signaling that the buyers are strong on the H4 chart. The price is almost to reach the PP (1.3597) level and the 61.8% level, an aggressive breakout will send the quote towards the 1.3665 static resistance.

I believe that only a valid breakout above the 1.3665 level will suggest buying and will confirm a larger upwards movement towards the 50% (1.3808), or higher towards the 38.2% (1.4011) level.

  • USD/CAD Tips & Conclusion

The failure to approach and reach the lower median line (LML) of the orange ascending pitchfork suggest buying again, personally, I believe that a jump and close above the 1.3623 will confirm a further increase. The Stop Loss should be hidden below the 1.3519 former low, while the R3 (1.3812) stands as an important upside target/obstacle.

Another leg higher, significant increase, could be invalidated if USD/CAD makes another lower low, to drop below the 1.3519 level.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback