FX.co ★ USD/CAD analysis for May 16, 2022 - Upside continuation in the play

Technical analysis:

USD/JPY has been upside today and there is potential completion of the ABC downside correction on the daily time-frame, which is sign that buyers can resume the trend.

Trading recommendation:

Due to the strong upside cycle and potential completion of the ABC downside correction, I see further upside movement.

Watch for potential selling buying opportunities on the intradau dips with the upside targets at 131.40 and 133.75.

RSI is showing reaction of the extreme reading, which is another good sign for further upside continuation.

MACD upside cycle is still holding strong.

Key support is set at the price of 127.55