USD/CAD testing neckline of a saucer chart pattern

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USD/CAD testing neckline of a saucer chart pattern

7:40 PM EST


Technical Analysis

The US dollar versus the Canadian dollar (USD/CAD pair) remains above the Ichimoku Cloud and currently testing the neckline of a saucer bottom chart pattern at 1.28 on the monthly forex dance floor. Our first support level is set at the 23% Fibonacci at 1.1950. a break above 1.28 could open doors to further rallies towards 1.30 and 1.37 in extension.

Alternative Scenario

A break below 1.22 would change our outlook to bearish with 1.1950 as first alternative target

Suggested stops and limits

Support Levels Turning Point Resistance Levels
1.1950 1.28 1.30
1.1450 1.22 1.37

*Important Note: The support and resistance levels are not suitable for all traders and largely depend on your account size, margin and leverage. Book a private lesson to learn how to personalize your account based on our trading guide.