USDCAD tests weekly support

USDCAD ended last week around 1.34 finding some support buyers at the end of it moving off the lows at 1.3330. Looking at the weekly chart we observe similar price action the last times USDCAD was trading between 1.33-1.34.

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Yellow rectangle -weekly support

USDCAD has reacted bullishly three times to far at 1.33-1.3350 area. The second time the upward move was smaller than the first time. Last week we saw another weekly long-tail candlestick at 1.33-1.34 area. Expecting this week to start on a positive note for the Dollar, it is important to see if price breaks above 1.35-1.36 area for a bigger bounce. Failure to hold above .13330 will open the way for a move towards 1.30-1.2950.

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