Tickmill

CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bullish Rise

CME:6C1!   CANADIAN DOLLAR FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Type : Bullish Rise
Resistance : 0.78315
Pivot: 0.77760
Support : 0.77475

Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out of descending trendline which supports our bullish bias that price will rise to the pivot at 0.77760 where the swing high resistance and 38.2% fibonacci retracement are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 0.78315 in line with pullback resistance, 78.6% fibonacci projection and 161.8% fibonacci extension .

Alternative scenario: Alternatively, price could drop to 1st support at 0.77475 in line with the overlap support.

Fundamentals: As oil prices climb due to the introduction of more sanctions from the G7, and as sentiment for a 75bps rate hike firms, look for the CAD to continue strengthening against the USD, giving us a medium bullish view.

This analysis is provided as general market commentary and does not constitute investment advice.
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.