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.
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