USD/CAD: Tests Strong Trend Line Support And There Is A Pattern Here – BofAML

Bank of America Merrill Lynch FX Strategy Research notes that USD/CAD is inching closer to test the one year trend line support which remains at 1.3200.

History shows this trend line can be overthrown during the trading day while a close below it has yet to occur to confirm a breakdown.

Momentum as shown by RSI is oversold and so a bounce from support is a possibility. One bounce already occurred last week and now support is being tested again,” BofAML notes.

BofAML points to support levels at 1.3200, 1.3000, 1.2850, and to resistance levels at: 1.3340, 1.3390 1.3475.

Source: Bank of America Merrill Lynch Rates and Currencies Research

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews http://feedproxy.google.com/~r/Efxnews/~3/GXWKWJaXNEY/usdcad-tests-strong-trend-line-support-and-there-pattern-here-bofaml

from Online Forex Trading Resource
View thesource article here

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s