06-20-2018, 01:14 PM | #1 |
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USD/CAD remains on the upside
Intraday bias in USD/CAD remains on the upside. Current rally is expected to target 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404 next. On the downside, below 1.3207 minor support will turn intraday bias neutral and bring consolidation first, before staging another rise.
In the bigger picture, current development solidify the view of bullish trend reversal. That is fall from 1.4689 (2015 high) has completed at 1.2061, ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Further rally should be seen for 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above. This will now be the preferred case as long as 1.2526 support holds, even in case of deep pull back. In this moment 20 usd to cad are 26.57040 CAD, is very down the Lonnie value. |
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