XAG/USD formed a Triangle on the 1 hour chart. Retest of resistance in sight.

A potential bearish movement on XAG/USD
XAG/USD is moving towards a support line which it has tested numerous times in the past. We have seen it retrace from this line before, so at this stage it isn’t clear whether it will breach this line or rebound as it did before. If XAG/USD continues in its current trajectory, we could see it reach 31.7898 within the next 10 hours.

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USD/CAD is approaching a resistance line of a Channel Up. It has touched this line numerous times in the last 2 days.

Will USD/CAD have enough momentum to break resistance?
USD/CAD is trapped in a Channel Up formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 1.3710 is expected in the short term.

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USD/CAD – breach of price line that’s been previously tested numerous times before

Possible start of a bearish trend on USD/CAD
USD/CAD has broken through 1.3624 which it has tested numerous times in the past. We have seen it retrace from this price in the past. If this new trend persists, USD/CAD may be heading towards 1.3578 within the next 2 days.

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Breach of support could mean a start of a bearish trend on USD/JPY

Channel Up breakout on USD/JPY
USD/JPY has broken through a support line. It has touched this line at least twice in the last 11 days. This breakout may indicate a potential move to 156.4052 within the next 18 hours. Because we have seen it retrace from this position in the past, one should wait for confirmation of the breakout before trading.

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USD/CAD finds cushion near 1.3650

The USD/CAD pair trades in a tight range slightly above the crucial support of 1.3650 in Monday’s Asian session. The Loonie asset struggles for a direction as the US Dollar steadies due to holiday mood in the United States economy on account of Memorial Day.

Sentiment is: Neutral

Technical Analysis

USD/CAD is heading towards the support line of a Channel Down and could reach this point within the next 3 days. It has tested this line numerous times in the past, and this time could be no different from the past, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels.

USD/CAD - getting close to support of a Channel Down

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