• 635 days Will The ECB Continue To Hike Rates?
  • 635 days Forbes: Aramco Remains Largest Company In The Middle East
  • 637 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,037 days Could Crypto Overtake Traditional Investment?
  • 1,041 days Americans Still Quitting Jobs At Record Pace
  • 1,043 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,046 days Is The Dollar Too Strong?
  • 1,047 days Big Tech Disappoints Investors on Earnings Calls
  • 1,048 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,049 days China Is Quietly Trying To Distance Itself From Russia
  • 1,050 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,053 days Crypto Investors Won Big In 2021
  • 1,054 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,055 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,057 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,057 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,060 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,061 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,061 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,063 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

USD/CAD: Challenging a Major Resistance Area

USD/CAD has broken to the upside its horizontal range between 1.0559 and 1.0738. The implied short-term upside potential is 1.0917. Monitor the major resistance area near 1.0870 (see also the 38.2% retracement). A support now stands at 1.0732 (intraday low).

In the longer term, the strong resistance at 1.0870 (02/11/2009 high, see also the long-term declining trendline from the October 2002 peak) continues to represent a major hurdle. However, a decisive break would validate a multi-year basing formation whose upside potential is around 1.1910.

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment