The USD/CAD
gets tangled between the 21 day EMA and the 55 day EMA, also between the 1.2800
and the 1.3000. From this point the pair may go in any direction. The CAD may
need another push from oil in order to continue its rally. For now the US
Dollar is gaining ground versus the Canadian Dollar, hence the pullback that we
are seeing on the daily chart to the upside. A breakout above the 1.3000 level
may take the price to the 200 day EMA, blue line, around the 1.3200 level,
which could act as resistance. To the downside, a breakdown below the 1.2800
level may indicate a possible return of the bearish trend, but the pair would
have to make a lower low below the 1.2500 level in order for the trend to keep
going.
Great analysis, thank you for sharing!
ReplyDeleteLooks like it is ready to push higher.
ReplyDeleteIt will likely continue rising.
ReplyDeleteGood post.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteIt seems upward movement continues.
ReplyDeleteGreat post! Thank you!
ReplyDeleteGood post. Very helpful.
ReplyDelete