USD/CAD Testing Consolidation Support
There is a massive multi-month consolidation taking place in USD/CAD.
The 2023 yearly opening-range is preserved heading into April.
Now testing the August trendline with key support eyed just lower at 200DMA / 78.6% retracement at 1.3380/90.
Yearly open resistance at 1.3545 backed by 3688 and the yearly high-close at 1.3828.
Ultimately, the immediate focus is on a breakout of the 1.3390-1.3545 range for guidance here.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
The 2023 yearly opening-range is preserved heading into April.
Now testing the August trendline with key support eyed just lower at 200DMA / 78.6% retracement at 1.3380/90.
Yearly open resistance at 1.3545 backed by 3688 and the yearly high-close at 1.3828.
Ultimately, the immediate focus is on a breakout of the 1.3390-1.3545 range for guidance here.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
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