Sun, Dec 04, 2022 @ 07:31 GMT
HomeContributorsTechnical AnalysisUSDCAD in Consolidation Mode after Repeated Unsuccessful Probes Below 1.2500 Support

USDCAD in Consolidation Mode after Repeated Unsuccessful Probes Below 1.2500 Support

The USDCAD pair is in consolidation mode after repeated unsuccessful probes below 1.2500 support. Tuesday’s close in tight Doji signaled hesitation at 1.2500 hurdle (that I anticipated in my previous report), following dips to 1.2483/80 lows on Mon/Tue, but close above 1.2500 on both days. Reaction was so far mild as daily technical studies remain firmly bearish and lacking firmer positive signals, despite strongly oversold conditions. Limited upside attempts stay so far under Tuesday’s high at 1.2532, short of the initial pivot at 1.2545 (hourly cloud top) and more significant barriers at 1.2595 (falling 10SMA) and 1.2613 (daily Tenkan-sen) regain of which is needed to generate stronger reversal signal. Overall bearish structure suggests limited correction ahead of final push towards target at 1.2459 (03 May 2016 low). The pair may stay within narrow consolidation, awaiting FOMC statement for firmer signals.

Res: 1.2532; 1.2545; 1.2595; 1.2613
Sup: 1.2500; 1.2480; 1.2459; 1.2400

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading