USD/CAD is waiting for correction

The USD/CAD pair was overbought. In addition, the rising cost of oil should support the Canadian currency, which is limited by political factors.

We can expect the continuation of the correction for the USD/CAD pair below the level of 1.3470-60.

It will open the way to significant support levels: 1.3430 and 1.3400. Resistance is located at levels: 1.3500 and 1.3520, updating of which cancels expectations for reduction. It is also worth noting that the overall trend for the pair remains restrained upward, which limits the continued decline of this pair.

Read also: “The golden section – the theory or a great assistant in the trade”

Hanzenko Anton

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1. Multifactorial analysis of the Forex market
2. Expectations from the USD/JPY for the end of April – early May
3. U.S. and E.U. Trade War

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