USD/CAD Analysis: Canadian Dollar Strengthens Ahead of Inflation News
On September 7, we wrote that the level of 1.365 could serve as resistance, from which the price will form a bearish reversal.
As the USD/CAD chart shows, the rate dropped from this resistance to the psychological level of 1.3500, which served as support.
→ The bullish trend (shown by the blue channel) is broken. Facing resistance at 1.365, the bulls failed to reach the upper boundary of the channel, which was a sign of weakening uptrend. One could also observe bearish divergences on a number of indicators.
→ The price at the beginning of the week is in a downward trend, which is shown by the red channel.
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