- USD/CAD bears are looking for a break of key support.
- Bulls eye a move through resistance and a 50% mean reversion resistance area.
USD/CAD fell to a one week low on Tuesday, while oil prices climbed and investors looked forward to a likely interest rate hike by the Bank of Canada. At the time of writing, USD/CAD is at 1.3220 and is meeting resistance as the follownmg will illustrate:
USD/CAD weekly chart
The weekly chart is on the back side of the bullish long term trend. The price has rallied into old support that is now expected to act as resistance.
USD/CAD daily chart
A break of the daily support trend will open risk to he key objectve for a test below 1.3000.
Source: https://www.fxstreet.com/news/usd-cad-price-analysis-bears-are-moving-in-ahead-of-the-boc-202307112142