USCAD BOUNCING OFF KEY LEVEL

USCAD BOUNCING OFF KEY LEVEL

Key Support: 1.2645
Key Resistance: 1.2700 – 1.2740

Long Term View
The Canadian Dollar has been super strong against the US Dollar but it has now bounced from a Key Level from February 2018 and it has depreciated 2.25% against the USD since that bounce last Thursday (USDCAD +2.25%).

1H Chart Analysis
After last Thursday´s bounce form our Key Level the USDCAD has retraced back 38.2% from the highs right back to the previous broken resistance (1.2641).

This level confluences with the weekly pivot which is capping the downside here and also the POC (Point Of Control) of the entire volume from last Thursday´s lows.

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Author : Orlando Gutierrez

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