The US Dollar
versus the Canadian Dollar has retraced to the 1.3400 zone as oil keeps getting
higher and supports the rally on the Looney. However, the 1.3400 zone has
proven to be a good support for the pair as shown on the daily chart from where
the pair has not been able to break it to the downside. A bearish breakdown of
the 1.3400 level could cause the pair to go and visit the 1.3300 level or it
could go to the 200 day EMA, blue line. If the price bounces to the upside from
the 1.3400 level, then it could find some resistance around the 1.3500 level,
but the real important resistance for the USD/CAD is located at its latest high
around the 1.3600 level.
Seems like profit taking and today we have the FOMC Minutes.
ReplyDeleteIt looks like it might break below 1.3300.
ReplyDeleteThank you for the assessment.
ReplyDeleteThanks for the analysis.
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDeleteGood point, will keep it in mind!
ReplyDeleteInformative article!
ReplyDelete