• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY


• 10.05.2022 09:30 am
#stocks

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD index, and a complete top down analysis of the USDCAD.

USDCAD Monthly:

Monthly support at 1.2288, resistance at 1.2963 and 1.3382.

Monthly chart is in an uptrend. Price is moving out of consolidation trading above the 1.2963 monthly resistance level.

USDCAD Weekly:

Weekly support at 1.2901, resistance at 1.3389.

Weekly chart is in an uptrend. Price continues to advance moving above the 1.2901-63 weekly/monthly resistance area.

USDCAD Daily:

Daily support at 1.2913, resistance at 1.3034.

Daily chart is in an uptrend closing above the 1.2963 monthly resistance level. Price is breaking out of a long term consolidation pattern.

Looking for price to decline back to the 1.2963 monthly resistance level and become support for a further advance.

Watch the video for a full break down of my analysis on how you could trade this pair to the upside based on the 4 hour chart.

Target for the breakout would be 1.3637 the height of the consolidation pattern projected above - see the weekly chart.

Looking for price to rally back to the 1.0635 monthly resistance level before the next decline targeting the 1.0340 monthly support level.

Watch the video for a full break down of my analysis on how you could trade this pair to the downside based on the 4 hour chart.

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