USD/CAD’s Test of Resistance May Offer Scalping Opportunity
Key Technical Levels
Trend line resistance (7/8, 2/5, 2/25 highs) near 1.0375 has slowed the recent bullish rally and is creating the potential for a period of concentration. The 100-Day SMA at 1.0332 is also converging and adds validity as the pair has traded below the technical level since 2/25. A rising short-term trend line is providing an ideal target level as the pair has bounced from it on four separate occasions over the last two days.
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