The
Canadian Dollar has been one of the main currencies that has moved the most for
today, due to the disappointing Canadian fundamentals, which have shown a
significant contraction of the labor market in Canada. That is why we can see
on the 4 hours chart below of the USD/CAD that the pair has broken above the
1.0700 level and has closed with two candles above that level. The breakout has
been confirmed and what we can do now is patiently wait for the pullback to the
same 1.0700 level.
A pullback
to the 1.0700 level could give us a good opportunity to go long, but if the
price continues going higher and visits the 200 Exponential Moving Average on
the 4 hour chart, then the price may bounce from there to the downside, giving
us a good opportunity to go short.
Very Good analysis.
ReplyDeleteIt´s a good opportunity to go long
lets see how the market will open this week
ReplyDeleteThank you for the analysis i'll keep an eye USDCAD.
ReplyDeleteGreat analysis, thank you .
ReplyDeleteI'm bullish in USD/CAD good analysis
ReplyDeleteReally good analysis thank you
ReplyDeleteGood article
ReplyDeletegood analysis thank you
ReplyDelete