USD/CAD bounced from the 20-day MA yesterday to end the day on a positive note and is currently trading at 1.3480.
The 20-day MA had revered pullback on May1/2.
Don’t forget the 50-day MA had also revered pullbacks in May
Both averages are now rising with 20-day MA holding above 50-day MA. The bias is clearly bullish.
Hence, the recent high of 1.3522 (Apr 24 high) could come into play in the next 24 hours or so. A break higher would put the focus back on the triangle breakout and allow a rally to Dec. 31 high of 1.3665.
The 20-day MA had revered pullback on May1/2.
Don’t forget the 50-day MA had also revered pullbacks in May
Both averages are now rising with 20-day MA holding above 50-day MA. The bias is clearly bullish.
Hence, the recent high of 1.3522 (Apr 24 high) could come into play in the next 24 hours or so. A break higher would put the focus back on the triangle breakout and allow a rally to Dec. 31 high of 1.3665.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.