USD/CAD Forecast March 15-19 – Canadian Dollar Cruises To 3-Year High On Sharp Job Numbers

Technical lines from top to bottom:

We start with resistance at 1.2736.

1.2655 is next.

1.2572 has switched to a resistance role after USD/CAD dropped sharply last week.

1.2491 is an immediate resistance line.

1.2373 (mentioned last week) has held in support since February 2018.

1.2288 is next.

1.2108 is the final support level for now.

I am bearish on USD/CAD

The Canadian dollar has posted two excellent weeks, which presents an opportunity for some profit-taking. The massive US stimulus package has been signed into law, and the expected lift for the economy could give a boost to the US dollar.

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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk ...

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