USD Weakened Against the CAD As It Breaks Support!

USDCAD – Is trading around a very strong support level at 1.3756 today after seeing price having broken the upward trend line and the daily 50 moving average.  Price then came back to test the 50 moving average, using it as a resistance for a further move to the downside and therefore making a new support at 1.3756 .

If price can get below 1.3756 then we could be looking for further selling opportunities down to the daily 200ma and Monthly support and resistance at 1.3360. RSI is currently below 50 and MACD lines and histogram below the midline. We just need some momentum to come through to break that support level to target the 200 moving average level.

CAD

Strategy used: Serene Education’s Forex Made Ezee Online Strategy.

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