USDCAD: May get choppy
# 1.37000 has been working as a level of resistance
# The pair may get choppy within 1.37000- 1.35300
USDCAD seems to have found its resistance at 1.37000. The pair had several rejections at the level. At its last rejection, it produced a bearish engulfing candle. However, the pair did not produce any bearish momentum for the sellers. Keep an eye at the level of 1.35300. A bearish breakout followed by breakout confirmation may attract the sellers to go short in the pair. In case of a bearish breakout, the pair may find its next support around 1.34000.
On the other hand, if the price bounces at 1.35300, it may head towards the North and find its resistance around 1.37000 again. As things stand, it does not seem like that the price makes a bullish breakout at 1.37000.
Considering the chart, the pair may be traded within 1.37000-1.35300 to close the year.
# The pair may get choppy within 1.37000- 1.35300
USDCAD seems to have found its resistance at 1.37000. The pair had several rejections at the level. At its last rejection, it produced a bearish engulfing candle. However, the pair did not produce any bearish momentum for the sellers. Keep an eye at the level of 1.35300. A bearish breakout followed by breakout confirmation may attract the sellers to go short in the pair. In case of a bearish breakout, the pair may find its next support around 1.34000.
On the other hand, if the price bounces at 1.35300, it may head towards the North and find its resistance around 1.37000 again. As things stand, it does not seem like that the price makes a bullish breakout at 1.37000.
Considering the chart, the pair may be traded within 1.37000-1.35300 to close the year.
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