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

By | January 31, 2020
InstaForex
USDCAD approaches our second target and a major short-term resistance

Relevance up to 04:00 2020-02-02 UTC–8

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.

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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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

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