USDCAD Trying to Reclaim Key 1.30 Level
The (USDCAD) is trying to halt the pullback that began at the 2022 high a bit more than a week ago, with the weekly Hammer assuring a higher June low versus the May low. Any break of the downchannel resistance (on the 4hr chart) will dramatically increase the likelihood of reclaiming the psychologically key 1.30 whole figure level and 2022 high in the few days after. Volatility will likely begin spiking with the highly anticipated OPEC-JMMC meetings and following today’s 830am EST release of US Core PCE Price Index change data and Friday’s US ISM Manufacturing PMI. Watch as usual for any developments on the Ukraine-Russia conflict. The weekly RSI, Stochastics and MACD are rallying or consolidating recent gains, weighed by the still downsloping daily Stochastics and MACD. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on GBPAUD, NATURAL GAS
USDCAD Weekly/Daily/4hr
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