The USD/CAD in a bearish channel

[fxstrategist]

The USDCAD breaks above the 1.3200 level, but loses some of its momentum. The pair may leave behind a false breakout, but it it continues higher, the 1.3289 level may act as resistance. Below the 1.3200 level, its next support could be the 1.3100 level.

 

[fxstrategist]

The USD continues losing ground versus its main counterparts, including the CAD, which has been supported by the pullback on oil. The USDCAD had a bullish trend until the peaks at the 1.3666 zone from where it starts retracing to the downside. The pair falls below the 1.3500 level and reaches the 55 day EMA at the 1.3369 level where it stalls momentarily. The bearish momentum continues below the 55 day EMA and reaches the 1.3296 level. If the USDCAD continues falling, then the 200 day EMA at the 1.3148 level could act as support. Below the 200 day EMA, its next support could be the 1.3000 level. In case of a pullback, the 55 day EMA at the 1.3369 level could act as resistance.

 

[bigdolly]

Still keep my sell trade on my broker open, from the start of New Year, the profit is already 700 bucks, from 0.04 lot

 

[fxstrategist]

The USDCAD is consolidating around the 1.3250 level with a good resistance around the 1.3333 level and a support at the 200 day EMA, around the 1.3176 level. The 1.3000 level may also act as support.

 

[fxstrategist]

The USDCAD is stuck around the 1.3250 without a clear direction. The 200 day EMA at the 1.3176 level may act as support and the highs at the 1.3333 level are acting as resistance.

 

[fxstrategist]

The USDCAD tries to break below the 200 day EMA, around the 1.3176 level, but it may find some support at the 1.3073 low.