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R.Linda Trading - forecast

Trading signals for #USDCAD → Correction after breaking global trend resistance

2023-05-29 09:25 FOREX forecast

The USDCAD last week breaks the global downtrend channel resistance and forms a momentum to 1.3654, after which the price begins a correction to retest the support area.

The bulls' task for the near term is to keep the price in the new trading area. If the support area after the retest is not broken and the price does not return to the downward price channel, then the medium term outlook will give us an excellent rise to 1.3665, 1.37500 and even 1.38500.

The moving averages are acting as a strong support. The nearest target, which the price can strive for within the limits of correction, is the area 1.35640 - 1.35000.

Strong resistance: 1. 36000, 1.3638, 1.3665, 1.37000

Strong support: 1.3564, 1.35000, previously broken channel resistance.

I expect that the technical pullback may end in the support area, after which the bulls will start the strengthening phase of the currency pair.

R. Linda

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