The USD/CAD
has gained a lot of bullish momentum as shown on the daily chart during the
past few sessions. The rally may take the price of the USD/CAD towards the
1.3400 level, zone that has acted as a resistance in the past. The Canadian
Dollar and oil have a positive correlation, but the recent pick up in oil
prices has not been enough to prevent the US Dollar from gaining ground versus
the Canadian Dollar. In case of a pullback, the USD/CAD may come back to the
1.3200 zone, where we can find the 200 day EMA (blue line). But for now the
bullish momentum is still in place and the USD/CAD may continue rallying.
Looks like it will keep pushing higher.
ReplyDeleteIt's very bullish indeed.
ReplyDeleteThat's an impressive rally.
ReplyDeleteNice rally indeed!
ReplyDeleteThank you for the useful info.
ReplyDeleteEnjoyed the article, thank you.
ReplyDeleteAn impressive strenght!
ReplyDeleteRally might continue.
ReplyDelete