USD/CAD -10/10/2022-
• Bullish trend still in play and intact
• Prices recently broke an ascending channel, showing signs of additional strength of the prevailing trend
• Bulls faced resistance at 2017 high, the round level of 1.3800
• Next resistance at 1.40 psychological level and 2016 high followed by 1.4670 (2022 and 2016 peak)
• Trading recommendations:
• Might be reasonable for short term sellers to short at this point (1.37s) with a stop loss just above 1.38, betting on a short term correction
• Buyers might wait for a retracement or buy on a confirmed break above 1.38 with a target near 1.40
• Prices recently broke an ascending channel, showing signs of additional strength of the prevailing trend
• Bulls faced resistance at 2017 high, the round level of 1.3800
• Next resistance at 1.40 psychological level and 2016 high followed by 1.4670 (2022 and 2016 peak)
• Trading recommendations:
• Might be reasonable for short term sellers to short at this point (1.37s) with a stop loss just above 1.38, betting on a short term correction
• Buyers might wait for a retracement or buy on a confirmed break above 1.38 with a target near 1.40
Ramzi Abou Abdallah, CFTe, CMT
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