USD/CAD, weekly trend line stoped the fall!
Last time I analysed USD/CAD on January 09. and 13. I have pointed on this weekly channel. If we excluse the strong bullish momentum and obvious ‘SL hunting move’ before 8 weeks, the weekly channel and move true looks perfect. We can see that, the lower line stoped the fall at 1.3260, after 7 red weeks in a row and I have pointed on that level as an third and the strongest weekly support on the way down in my previous analysis from January 19. I didn’t analyse the pair in this bearish period because, as you probably know, the oil movement is the main indicator for this pair and there was so many fundamental developments around the oil, that I tought it will be the rough period for the same and that’s why for the USD/CAD as well. Anyway, here we are on strong support now at 1.3200/50, take a look on this levels and if you trade this pair, I’m not. Strong resistance is waiting now at 1.3700/50, but the sellers are placed at first near 1.3500.