US dollar is strong today, which supports it's sharp rebound from 1.3287. Meanwhile, the data of Canadian real estate let market down. However, the temperate correction is likely to come coz this pair is overbought. Additionally, the price of crude oil surged to two-week height, which also supports Canadian Dollar in short term.
On the technical aspect, USDCAD is still suppressed by the down-trend line from 1.3470. Losing the support at 1.3420 has indicated that the recovery from 1.3130 has completed. Further decline should be seen to 50% retracement of 1.3460 to 1.3130 at 1.3300 and 1.3240. On the upside, though, break of 1.3365 will turn focus back to 1.3400 and 1.3420 resistance instead.
The target is 1.3240.
Turning point: 1.3365.
Under 1.3365, bearish , target price is set at 1.3240, then 1.3300.
Above 1.3365, bullish , target price is 1.3400,then 1.3420.
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Prior Strategy:
On the technical aspect, USDCAD is still suppressed by the down-trend line from 1.3470. Losing the support at 1.3420 has indicated that the recovery from 1.3130 has completed. Further decline should be seen to 50% retracement of 1.3460 to 1.3130 at 1.3300 and 1.3240. On the upside, though, break of 1.3365 will turn focus back to 1.3400 and 1.3420 resistance instead.
The target is 1.3240.
Turning point: 1.3365.
Under 1.3365, bearish , target price is set at 1.3240, then 1.3300.
Above 1.3365, bullish , target price is 1.3400,then 1.3420.
If you like the strategy, please click "AGREE" and follow me. Your trust is my biggest motivation.
Prior Strategy:
Comment:
TP1 Reached.