USD/CAD: Will bulls break the previous swing high?

May 30, 2018

 

By looking at the daily chart we can see that pair is heading towards north side and making successively higher highs and higher lows. Presently pair is trading above all the major and minor EMA lines which are generating bullish sentiments and odds are in favor of bulls. Presently pair is trading at 1.3020 level and next hurdle is 1.3120 which is high of previous swing on the daily chart. Well the way bulls are reacting and dominating the bears it seems like they will give valid breakout of mentioned level. The news on Friday that Russia and Saudi Arabia would ease cuts and increase production sent the USD/CAD to highs just under 1.30000.

 

 

The previous swing’s high is the make or break level and after that we are sure that it will become a sky rocket and fabulous opportunity to buy. A bullish crossover on MACD indicator is favoring the bulls and RSI is favoring the positive signal for bulls.  Our intraday to weekly bias remains bullish as long as 1.2750 level remains undamaged. The 1.3220 level is immediate resistance level followed by 1.3260 whereas 1.2750 level is strong key support level followed by 1.2700 level. A correction can’t be ruled out but that should be taken as buying opportunity for the time being. The traders and investors are advised to go for long and enhance your long position once pair trade and settle above 1.3220 level.

 

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