• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

Dollar Trying to Turn the Corner vs CAD

Forex Tips by Forex Tips
August 4, 2020
in Technical Analysis
0
USD/CAD Returns to Range Support
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


USD/CAD Highlights:

  • USD/CAD testing downtrend line from March high
  • A break doesn’t secure reversal but gets it started

When I last looked at USD/CAD it was breaking out of a range and leaving behind the 200-day MA, but it wasn’t long after the break that the June low came into play. So far it is holding that threshold and looking to make an attempt on breaking above the trend-line off the March high.

It has yet to break, but if it does then we may be witnessing a trend change, or an extended corrective move higher at the least. A break above the multi-month trend-line will again have a pivotal spot in play in the vicinity of 13500/25, an area which previously held well as support for over a month.

To really get USD/CAD moving back in the other direction a break above the March trend-line and beyond price/200-day resistance will be needed. This means a solid daily closing print above 13524. If this happens we could very well see fresh buying interest come in along with shorts running for cover.

If the March trend-line or the 13500 area continue to hold as resistance and USD/CAD starts to trade lower, then watch the June low at 13315. Should that low break then an important test of a trend-line (~13190) from 2017 could be underway. The trend-line gains its importance by connecting the 2018 and 2019 lows.

USD Forecast

USD Forecast

Recommended by Paul Robinson

Check out the Q3 USD Forecast

USD/CAD Daily Chart (trend-line test)

USD/CAD daily chart

USD/CAD Chart by TradingView

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX





Source link

Share76Tweet47

Related Posts

00 GMT when AUD/USD traded near 0.78.

00 GMT when AUD/USD traded near 0.78.

by Forex Tips
January 27, 2021
0

Number of traders net-short has decreased by 16.31% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

Dollar as a Safe Haven or Source of Global Instability?

US Dollar Technical Outlook Turning Positive: USD Charts to Watch

by Forex Tips
January 27, 2021
0

USD Technical Outlook US Dollar working on turning the cornerThe US Dollar Index (DXY) is in the process of...

USD/CAD Returns to Range Support

Will USD/CAD, WTI Fall as Long Bets Rise?

by Forex Tips
January 27, 2021
0

Canadian Dollar, USD/CAD, Crude Oil, Technical Analysis, Retail Trader Positioning - Talking PointsIGCS warns that USD/CAD and crude oil...

Dollar Strength Brings Silver to its Knees

Silver Price Forecast: Pandemic Uptrend Support Nearby

by Forex Tips
January 27, 2021
0

Silver Price Forecast Overview:Silver prices are proving sluggish as January comes to a close, with the uptrend from the...

Has Everyone Went to Gamestop?

Has Everyone Went to Gamestop?

by Forex Tips
January 26, 2021
0

Bitcoin, BTC/USD Talking Points:The Bitcoin bull has taken a back seat, at least for now, but speculative fervor continues...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.