The USD/CAD is approaching a key resistance in 1,3800 after consolidating profits since its minimum of June about 1,3535. With the impulse becoming more constructive, a break could open the door to 1,3910 and the DMA of 200 about 1.4000, the Société currency analysts indicate Générale.
The positive divergence indicates a recovery potential in USD/Cad
“The fall of the USD/CAD has stagnated after forming a durable minimum about 1,3535 in June and has experienced a lateral consolidation. The daily MACD has been showing a positive divergence that highlights the weakening of the bassist impulse.”
“The torque is in the vicinity of the upper limit of its recent range in 1,3800. If the USD/CAD overcomes this obstacle, a larger upward movement could take shape towards the projection of 1,3910 and the DMA of 200 in 1.4000/1,4045. The minimum reached this week in 1,3680 is the first support layer.”
Source: Fx Street
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