USD/CAD broke out from the uptrend channel (1) early last week, officially ending the upward trend that started in early July. By the end of last week, the USD/CAD closed at 1.3624, clearing the buying from the support level of 1.3650(3). In the coming week, expecting a new round of selling with a temporary target near the 100-day MA(2) around 1.3550. This week, besides keeping an eye on the US inflation data on Thursday, it is also important to pay attention to the delayed OPEC+ meeting. If the news comes out that OPEC+ will extend or even increase production cuts, there is a chance that the USD/CAD may drop even further.
S-T Resistances:
1.3734
1.3680
1.3650
Market price: 1.3648
S-T Supports:
1.3620
1.3580
1.3550
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P. To
S-T Resistances:
1.3734
1.3680
1.3650
Market price: 1.3648
S-T Supports:
1.3620
1.3580
1.3550
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To
Target Achieved @ 100 MA 🎊🎊🎊