USD/CAD: a pause before the move

USD/CAD: a pause before the move

2020-06-30 • Updated

USD/CAD is consolidating after breaking above the bearish “wedge”. The pair has bullish dynamics since the start of June. However, it ran into the resistance of the 200-period MA on the H4. As a result, bullish trades will become preferable only if the pair breaks above the previous high at 1.3715. Otherwise, the price will retest June support line in the 1.3600 area and try to get to 1.3550. News from Canada and comments from the Fed’s Chair Powell later on Tuesday will add to the pair’s volatility.  

Trade ideas for USD/CAD

BUY 1.3720; TP 1.3800; SL 1.3700

SELL 1.3635; TP 1.3605; SL 1.3645

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