USDCAD, 240 min
USDCAD broke below an important support in yesterday’s trading. The 1.3640 to 1.3660 area had supported price in January and then twice February. This has caused the pair to be oversold in both daily and 4h timeframes. The intraday sideways price action suggests that the pair could rally from the current levels towards the aforementioned resistance area which also coincides with 38.2% Fibonacci retracement level (levels left out of the chart to improve readability).
As the daily trend is still lower we are looking for short entry signals inside the Sell Area (1.3625-1.3730) with the target areas at 1.3540 – 1.3580 (T1) and 1.3436 – 1.3475 (T2).
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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