- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Bulls are moving in at 1.36 round number, eyes on NY open range's low
USD/CAD Price Analysis: Bulls are moving in at 1.36 round number, eyes on NY open range's low
- USD/CAD bears have moved in but there could be prospects of a bullish correction.
- A retest of the NY open's range could be in order for the day ahead.
The chart below chart illustrates the key levels that include the opening hour's range of the New York session that could see the price drawn to in the coming sessions for a retest where the lows of the range meet a 38.2% Fibonacci retracement near 1.3660.
USD/CAD H1 chart
On the way there, trapping breakout shorts, the price will need to break back above Tuesday's low of 1.3640. If this area were to hold, then there will be prospects of a deeper move through last week's high again of 1.3612 and Wednesday's low of 1.3602 to retest this week's low of 1.3559 that could be broken should month-end flows accelerate the squeeze on long dollar positions.
USD/CAD weekly chart
If the price continues to deteriorate, as per the above thesis, then a 38.2% Fibonacci correction of the weekly bullish impulse aligns with around 1.35 the figure. This could be a feasible target should this week's low, so far, give out for a fresh low for the current week. Following the shake-out, there could be prospects of a surge higher again if markets commit to the US dollar again as fundamentals once again take over.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
