Will USDCAD break through key resistance? ADS Securities eye a crucial resistance at 1.3335 level. What is your forecast for the Loonie?
10 April, ADS Securities – Yesterday, the Canadian Dollar surged for the third straight session against its US counterpart as housing starts in Canada surged to its fastest pace in a decade in March.
Will USDCAD break through key resistance?
At present, the pair is trading with a downside tone on the 1H chart, indicating at the presence of bearish momentum in the coming session. However, a signal line crossover from below by the MACD indicator, suggests that the downside might remain limited.
The key technical obstacle is situated at the 1.3335 level, a surge above which might trigger upside momentum in the pair, clearing the way for the 1.3345 and 1.3355 levels. On the other hand, key support is seen at the 1.3310 level, followed by the psychological 1.3300 and 1.3295 levels. A move back below the latter might lead to further acceleration to the downside.
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