RLinda ! USDCAD -> Limit resistance breakdown

10 באוק׳ 2022

The U.S. dollar continued to strengthen on Monday after a strong rebound on Friday on U.S. labor market data

Statistics released Friday showed that the U.S. labor market is still strong despite a significant tightening of monetary policy by the Federal Reserve

From a technical analysis perspective, I assume that locally we will see gains in the near term. On the chart an upward price channel is formed, we should also pay attention to the limit resistance level 1.37550, after testing and multiple retests we do not see fall, but if you look carefully, you can see a price downgrade to the resistance.

A pre-break consolidation is forming, which might be followed by a break-down of the resistance and a strong momentum, which I am waiting for.
The short term target is the resistance at 1.3837, the medium term target is the resistance and the liquidity zone at 1.39000

Regards to R.Linda!