Tuesday, May 12, 2015

Possible bearish breakout on the USD/CAD

The US Dollar dropped today versus the Canadian Dollar and visits again its 200 day exponential moving average. A little bit below that moving average we can see the most recent low that the pair made around the 1.1940 level. The zone has proven to be a very good support area, but the price has already visited the zone three times. If there is a breakout of the 1.1940 level to the downside and a pullback is completed, then we may be shown with the opportunity to open a short position.


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