USD/CAD Testing Major Resistance Ahead of BoC
USD/CAD is testing confluent resistance here at 1.3776/91- a region defined by the 100% extension of the monthly advance and the 78.6% retracement of the April decline. Looking for possible exhaustion / price inflection off this mark.
Initial support rests with the original slope (currently ~1.3710s) backed by the objective monthly open at 1.3678- losses should be limited to this threshold IF price is heading higher on this stretch with a breach / closer above this pivot zone exposing key resistance at 1.3829/56- look for a larger reaction there IF reached.
Michael Boutros
Sr. Technical Strategist
MBForex
Initial support rests with the original slope (currently ~1.3710s) backed by the objective monthly open at 1.3678- losses should be limited to this threshold IF price is heading higher on this stretch with a breach / closer above this pivot zone exposing key resistance at 1.3829/56- look for a larger reaction there IF reached.
Michael Boutros
Sr. Technical Strategist
MBForex
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