The USD/CAD
has gone back to its bullish trend as oil goes back down. We know that oil and
the Canadian Dollar have a positive correlation and that is why when oil drops,
the USD/CAD tends to rally. The pair tried to break above the 1.4000 level as
we can see on the daily chart, but it stalls around that zone. However, the
bullish trend is still in place as shown by the 21 period exponential moving
average, yellow line, and it is possible to see a breakout of that level, which
could take the pair to the 1.4100 level. To the downside, the 1.3800 could
become its most relevant support.
The uptrend is still very strong.
ReplyDeleteThe bullish trend continues, the pair broke above 1.4000 and reached 1.4120.
ReplyDeleteImpressive climbing , thank you.
ReplyDeleteReally nice rally!
ReplyDeleteHelpful analysis!
ReplyDeleteGreat post.
ReplyDelete