The USD/CAD
has been in a bearish trend for many different reasons. First, the Bank of
Canada has raised its interest rates and that has supported the Canadian
Dollar. Oil has been gaining some ground, helping the Looney as well and on the
other hand the US Dollar has been weakening by its own problems. All of that
has caused the USD/CAD to drop to the 1.2600 level, but the pair may drop to
the 1.2500 level where we can find its 200 week EMA. It is possible for the 200
week EMA to act as a support, especially when the pair is over-extended to the
downside. If the pair bounces from the 1.2600 to the upside, then its next
resistance zone could be the 1.2900 level.
The move to the downside continues.
ReplyDeleteI'll keep those levels in mind.
ReplyDeleteVery helpful analysis, thank you for sharing!
ReplyDeleteGreat analysis as usual!
ReplyDeleteInteresting analysis.
ReplyDeleteGreat analysis as usual.
ReplyDeleteAnother leg down, bearish trend continues.
ReplyDelete