© Dukascopy Bank SA
The most recent 75 bars USD/CAD has been fluctuating in a fairly narrow, 40-pip wide corridor, and is not expected to exit it in the nearest future, since most of the technical indicators are pointing in the direction of the pattern, namely south. The nearest support the currency pair is going to hit then is located at 1.0316 (daily S1), although a correction has a higher possibility of appearing near the down-trend support line at 1.0303. From above the rallies are to be limited by the falling trend-line at 1.0343, which is the level of the daily pivot point as well. Another important resistance is at 1.0391—daily R2 and 200-hour SMA.
© Dukascopy Bank SA