A Dovish FED Seeking to Cut Rates.
A Channel up identified with price gaining bullish steam after FED signals a rate cut with a dovish outlook towards the Dollar. USDCAD gains a fundamental push backing price swings toward hard weekly resistance of 1.35200.
From a technical viewpoint, USDCAD sees verified support at 1.30450. Currently in a range bound zone between support @ 1.30450 and resistance @1.31455
Scenario 1. We see price reject of resistance 1.31455 and back down to initial support.
Scenario 2. Resistance breaks and daily swings should be favourable as weekly target of resistance @ 1.35200 comes into sight.
A Channel up identified with price gaining bullish steam after FED signals a rate cut with a dovish outlook towards the Dollar. USDCAD gains a fundamental push backing price swings toward hard weekly resistance of 1.35200.
From a technical viewpoint, USDCAD sees verified support at 1.30450. Currently in a range bound zone between support @ 1.30450 and resistance @1.31455
Scenario 1. We see price reject of resistance 1.31455 and back down to initial support.
Scenario 2. Resistance breaks and daily swings should be favourable as weekly target of resistance @ 1.35200 comes into sight.