USD/CAD Aims to Break 1.280 | Forex Factory

  • USD/CAD Aims to Break 1.280

    From dailyfx.com

    The loonie has recently remained under pressure against the greenback after the release of US, Canadian employment data, driving prices above the 1.270 handle. Although a positive NFP report and negative Canadian employment data limited USD/CAD losses, allowing bulls to regain confidence over the trend.Although fundamental factors continue to drive risk sentiment, additional catalysts for price action include commodity prices and the upcoming inflation data. After two consecutive weeks of gains, USD/CAD bulls ran into a wall of resistance at 1.2806, the 76.4.% Fibonacci retracement level of the October – December ... (full story)

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traderathome
Feb 6, 2022 12:58pm
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"USD/CAD Aims to Break 1.280...." Yes, sooner or later.

But when it first happens, will it hold? THAT is the more interesting question. In support of expending the energy to keep an eye on this pair for various moves, look at the Day chart.

The chart shows a Head & Shoulders pattern. Not in play, yet. PA needs to BO the neckline, the move that will likely also break 1.2800. There has been good activity below the neckline, perhaps a clue to SM having submitted buy orders and the MMs ranging price up and down to create liquidity to fill those SM buy orders. And, perhaps this is not yet done! Would be a nice move on the part of the MMs to BO the neckline and BO 1.2800, sucker in "too soon longs" and later stop hunt the PA back lower to resume filling SM buy orders. This is what traders need be alert to. This is.......HTMRW.
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sidhujag
Feb 6, 2022 11:33am
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Quoting Tony112
With oil high peaking 🏔 ?
Carbon tax is high, revenue is good but consumer resells that oil as gas for much more back to the producer. Usd benefits much more from oil than those that own it
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Tony112
Feb 6, 2022 6:42am
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With oil high peaking 🏔 ?
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Okpala1988
Feb 6, 2022 8:02pm
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RUN...
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NotSoHard
Feb 6, 2022 2:29pm
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MY Point of View

Yes it will Break it and Head Higher. Potential Target is 1.28600 - 1.29000

Although I dont have any trades on of UC but thats the most probable outcome

I Would set Target to 1.28550
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