USD/CAD Pending Daily Breakout
Market Condition: USD/CAD Pending Breakout
Target 1: 1.3377
Target 2: 1.3477
(Created Using TradingView Charts)
The USD/CAD has started the second week of 2017 trading in a consolidating range. With the pair trading above the 200 day MVA (simple moving average), traders may wait for the USD/CAD to break above a previous point of daily resistance to initiate new positions with the trend. For reference, daily resistance stands at Monday’s high at 1.3277. Traders may find initial targets near 1.3377, which represents a 100% extension of the identified 100 pip range.
In the event that prices fail to breakout higher, traders may elect to trade continued consolidation in the USD/CAD. Support for the pair stands at 1.3177, and has been identified by using the previous Friday’s session low. Alternatively in the event that the USD/CAD breaks through this point, it may suggest that the pair is preparing for a bearish move back towards the 200 day MVA at 1.3094.
--- Written by Walker, Analyst for DailyFX.com
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