USD/CAD Tests Double Bottom – Is It Good Time To Trade? - Forex News by FX Leaders

USD/CAD Tests Double Bottom – Is It Good Time To Trade?

Posted Monday, September 24, 2018 by
Arslan Butt • 1 min read

Good morning, traders.

We may have a more muted session today with both Japan and China on holiday. The dollar had experienced a couple of unfavorable weeks as risk sentiment raised but we may see a return to the topside as its safe haven feature appeals to traders. That being said, it will be nice to trade the technical setups. Who’s up for it?

On the 2 -hour time frame, the USD/CAD has tested and failed to violate the double bottom support near $1.2900. The same level supported the pair on Aug 18, 2018. No surprises, the US dollar is getting stronger against the Loonie and that’s because of the Fed rate hike sentiment.

Support Resistance

1.2885 1.2943

1.2856 1.2972

1.2798 1.303

Key Trading Level: 1.2914

The idea today is to stay bullish above $1.2915 to target $1.2975 with a stop below $1.2885. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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