- USD/CAD trying to cross above downtrend line from March high
- Successful break need further confirmation – close above 200-day resistance
USD/CAD was successfully defending the support of June low after we last looked at it breaking out of a range and moving successfully away from the 200-day MA. Now, it is attempting to break above the March-high trendline.
The currency pair hasn’t moved above the trendline yet; if it does, we will be witnessing a trend change or at least a robust corrective move. A successful break will bring a pivotal spot around 13500/25 into play, an area which had earlier acted as significant support.
But, to really get the USD/CAD into the bull territory, we need to see a break above the March trendline and above the 200-day resistance will be required. Robust price action above the opposition will put bulls in real control and send bears packing.
On the contrary, if the March trendline or 13500 holds steady as resistance, then we should look for June low at 13315. A break below 13315 pushes an important trendline from 2017- at 13190 into the test. It is a significant level as it connects the lows of 2018 and 2019.
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