Chart of the Day -USDCAD- (Dec. 4th 2018)

6th December 2018 Off By binary
Chart of the Day -USDCAD- (Dec. 4th 2018)

The USDCAD tested key resistance today at the 1.3380 level.

The weak Canadian data allowed for the USDCAD to squeeze higher towards the 1.3380, and the failure above the resistance will be watched closely by the bears. Currently, the pair is in an uptrend channel with support near 1.3250 which needs to hold for the bulls. However, if we turn lower from here, break the 1.3250 level, a longer term double top could be forming.

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Blake Morrow

The post Chart of the Day -USDCAD- (Dec. 4th 2018) appeared first on ForexAnalytix – Blog.

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