The USD/CAD rally failed into confluent uptrend resistance at the 200-day moving average last week with price breaking below the median-line today in early U.S. trade- threat for a deeper set-back here towards the 2022 high close / 2023 high at 1.3881/99 and the 61.8% retracement at 1.3852.
Losses would need to be limited to this slope IF price is heading higher on this stretch with a close above the 200DMA (currently ~1.4016) needed to fuel the next leg of the advance. Keep in mind we have Canada CPI on tap tomorrow.
-MB
Losses would need to be limited to this slope IF price is heading higher on this stretch with a close above the 200DMA (currently ~1.4016) needed to fuel the next leg of the advance. Keep in mind we have Canada CPI on tap tomorrow.
-MB
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.