Could Be Close to Confirming a Bullish Bias

USD/CAD Technical Highlights:

• USD/CAD difficult the March trend-line
• A breakout may lead again to the 13000 space

USD/CAD is placing severe strain on the March trend-line for a second time in every week. Final week’s highly effective thrust might solely be the start of a broader advance within the days/weeks forward. However earlier than it might probably make that transfer it must commerce above the year-long line-in-the-sand.

A detailed above the trend-line and final week’s excessive at 12747 will present a higher-high following what may quantity to a higher-low this week. On a breakout, the 13000 space shall be in focus as an preliminary goal. This degree extends again to the ultimate buying and selling session of 2019, however has extra just lately been used as assist (November) and resistance (December).

If, nevertheless, we don’t see a confirmed break then the buying and selling outlook for USD/CAD will stay impartial to bearish. It shouldn’t be lengthy earlier than we now have a strong buying and selling bias a method or one other to work with.

USD/CAD Every day Chart (March t-line, 12747 in focus)

USD/CAD Chart by TradingView

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—Written by Paul Robinson, Market Analyst

You’ll be able to comply with Paul on Twitter at @PaulRobinsonFX