Fan Yang
All posts from Fan Yang
Fan Yang in Fan Yang,

USD/CAD at Key Short-term Support

USD/CAD has been bullish last week and showed signs of continuation during holiday trading as it held north of 1.10. 

(usdcad 1H chart, 4/22)

As volatility comes back, the USD/CAD is struggling to push higher and has remained quiet in a consolidation mode. 
As the US session gets under way, it is tagging the 1.10 level again as support.

Bullish momentum tested:
The 1H RSI is tagging 40. If it holds above 40, the bullish momentum since April 9 will be intact. Otherwise it would lose the bullish momentum in the 1H chart, and shift toward the neutral-bearish mode.
Bullish scenario:
A return above 1.1030 however signals bullish continuation, with 1.1075-80 support/resistance pivot area in sight, as seen in the 4H chart. 

(usdcad 4h chart, 4/22)

Bearish scenario:
A hold below 1.10 during the 4/22 session however signals a return toward recent support pivots in the 1.0940-1.0950 area. Below 1.0940, the market opens up the 1.0858 April low.