Are we about to see some Fourth of July fireworks from this greenback pair quickly?

Try these USD/CAD ranges I’m watching.

As you’ll be able to see from the 4-hour chart beneath, the pair lately tumbled beneath the ground across the 1.3350 minor psychological mark.

Now worth is in correction mode after pulling up from the 1.3120 lows and may discover extra sellers at this space of curiosity.

USD/CAD 4-hour Foreign exchange Chart by TV

Utilizing the handy-dandy Fibonacci retracement software on the most recent downswing exhibits that the 38.2% stage is true across the former help.

A bigger pullback may attain the 50% stage that coincides with the 200 SMA dynamic inflection level.

The 100 SMA is beneath this slower-moving SMA, suggesting that resistance ranges usually tend to maintain than to interrupt. Additionally, the hole between the symptoms is widening to replicate strengthening promoting strain.

In that case, USD/CAD may make its approach again right down to the lows fairly quickly. The 100 SMA even seems to be holding as dynamic resistance in the mean time!

On the identical time, Stochastic is on the transfer down to substantiate that bearish momentum is in play. The oscillator has loads of floor to cowl earlier than reaching the oversold area to point that sellers are drained.

After all a bunch of top-tier catalysts from the U.S. and Canada are price holding tabs on when buying and selling this week. Did I point out we’ve acquired jobs stories from each economies, in addition to the FOMC minutes, lined up?