Monday, October 17, 2016
The USD/CAD visits the 1.3100 level
On
the daily chart of the USD/CAD we can see that the pair has dropped once again
to the 1.3100 zone. Just below the 1.3100 level we can also see the 200 day
exponential moving average, blue line, which may contribute another support on
that zone. The pair may try to bounce to the upside and if so, then the 1.3200
level may act as its next resistance. But a breakdown of the 200 EMA may
accelerate the bearish momentum and the price may even visit the 1.3000 level.
All depends if oil keeps rallying, which at the moment is just consolidating
between the 50 and 51.60 levels.
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It could be at a good turning point.
ReplyDeleteThank you for pointing this out!
ReplyDeleteThe move to the downside continues.
ReplyDeleteIt found support at 1.3050.
ReplyDeleteGreat take on markets!
ReplyDeleteGreat article!
ReplyDeleteConsolidate around 1.334 level.
ReplyDelete