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USD/CAD Trying to Find a Price Bottom

USD/CAD has been bearish since retreating from the 2014-high at 1.1277 in March.


USD/CAD 4H chart 6/3

Consolidation:
The 4H chart shows that it found support at 1.0813 in May. It has since been consolidating between the 1.0813 support and 1.0940 resistance pivot. 

After a failed attempt to break below 1.0813 last week, USD/CAD rallied back to 1.09 area as we get into the 6/3 US session. In the 4H chart, the usd dollar - loonie is testing the 200SMA.

A break above 1.0945 will establish a double bottom and shift the mode from bearish to sideways, to bullish. 

Central pivot:

Also monitor the 1.0874-1.0886 area, as it represents the central pivot of the double bottom, or consolidation zone. If price falls back below 1.0870, the outlook remains bearish. However, a hold above 1.0875 with a push back above 1.0940 has a bullish outlook.

To the upside
, the 1.10 level is the first key handle to break for further bullish confirmation. Above that, the 1.1053 resistance pivot and April high is next.

To the downside
, below 1.0870 is the 1.0815 low, then the 1.0737 pivot, up to teh 1.0750 area where the 200-day SMA resides.