The USD/CAD
has been rallying for the past two days and it has finally broken above the 21
day exponential moving average, yellow line. The price has been below the 21
day EMA since the beginning of the year; therefore, the current breakout above
that EMA is significant, because it may be signaling a change in trend in the
medium term. The next resistance on the pair may be the 55 day EMA, purple
line, around the 1.3000 level. To the downside, the 1.2700 level along with the
21 day EMA may act as support.
Great post! Thank you!
ReplyDeleteIt can be short lived due to the non-farm payrolls that is released tomorrow.
ReplyDeleteThe pair found some resistance at 1.2880, but it will probably break above it eventually.
ReplyDeleteThanks for such an informative article.
ReplyDeleteThank you for the assessment.
ReplyDeleteWell spotted! Thanks for sharing it.
ReplyDeleteHelpful post.
ReplyDeleteInteresting article.
ReplyDelete