USD/CAD Testing Consolidation Support

6 เม.ย. 2023

There is a massive multi-month consolidation taking place in USD/CAD.

The 2023 yearly opening-range is preserved heading into April.

Now testing the August trendline with key support eyed just lower at 200DMA / 78.6% retracement at 1.3380/90.

Yearly open resistance at 1.3545 backed by 3688 and the yearly high-close at 1.3828.

Ultimately, the immediate focus is on a breakout of the 1.3390-1.3545 range for guidance here.

Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex

MBForex