#USDCAD Weekly Analysis Insights for June 16th and Beyond
- Chris Trader
- Jun 15
- 1 min read
From the Advanced Pro Charts, we observe that the currency pair #USDCAD is currently approaching a significant base characterized by increased demand. This development suggests a strong likelihood of a price bounce occurring in the initial days of the upcoming week. Traders and analysts are keenly watching this situation, as the demand at this base level indicates that buyers are stepping in to support the price, potentially leading to a reversal from the recent bearish trends.
As we project further into the price action, it is important to note that once the price ascends to the resistance level of 1.3647, we might encounter a notable rejection in this area. This rejection could manifest as selling pressure from traders who are looking to capitalize on the perceived overvaluation at this level. Consequently, if the price does indeed face resistance at 1.3647, we could see it target lower levels, specifically aiming for 1.3575 and possibly even beyond that. This scenario underscores the importance of closely monitoring the market dynamics around these key price levels, as they could significantly influence trading strategies and market sentiment moving forward.
Chris
Head Coach & Mentor
Comments