Friday, February 3, 2017
The USD/CAD comes back to the 1.3000 level
The
USD/CAD on the daily chart has already touched three times the 1.3000 level
during this week, but it has not been able to confirm a breakdown below that
level. The highs of the daily candles have been lower than the previous ones,
showing us that the downward pressure is accumulating around that zone. If oil
keeps rising during the next week, then the USD/CAD may break below the 1.3000
level due to the correlation between oil and the Looney. Below the 1.3000
level, its next support could be the 1.2900 level. To the upside, the 1.3100
level may act as resistance, followed by the 1.3200 zone where we can find the
200 day EMA. However, the bearish trend is still in place for the USD/CAD and
the pair may continue falling.
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Thank you for the analysis i'll keep an eye on the currency.
ReplyDeleteThanks for such an informative article.
ReplyDeleteThank you for the analysis very helpful.
ReplyDeleteI agree with your analysis.
ReplyDeleteGood post!
ReplyDeleteThank you for the helpful assessment.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDelete