USDCAD approaches our second target and a major short-term resistance

USDCAD has broken through the 1.3180 resistance and our first target. Price is now heading towards the second target of 1.3275, but until then we have a major obstacle to overcome. Bulls need to push price above the important resistance trend line.

Green line – resistance

Red lines – Fibonacci extension targets

USDCAD has been bouncing as expected. Price has now reached important resistance levels and the green downward sloping resistance trend line. This resistance is at 1.3245 and bulls need to be very cautious as the chances of a rejection and reversal are high. Support is at 1.3155. Next upside target is at 1.3275.

The material has been provided by InstaForex Company – www.instaforex.com

Rate this post
MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

Leave a Reply

Your email address will not be published. Required fields are marked *