Tuesday, May 29, 2018
Will the USDCAD keep rising?
The
USDCAD has been rallying steadily from the 200 day EMA around the 1.2771 level.
The rally on the pair has been caused mainly by strength in the US Dollar, but
the drop in oil has also contributed to the weakness on the Canadian Dollar. If
it continues rallying, the USDCAD may find some resistance at the peak of the
1.3123 level. To the downside, the 1.2913 level may act as support, due to the
fact that the level was acting as resistance when the price was boxed between
that level and the 200 day EMA as support. Below the 200 day EMA, the most
relevant support in the mid-term is the low at the 1.2526 level. For now oil is
still weak and since it has a positive correlation with the Looney, it may
cause the USDCAD to keep rallying.
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The up trend seems to be losing strength.
ReplyDeleteVery accurate analysis!
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteIt's retreating now, 1.30 is tough level.
ReplyDeleteVery helpful analysis, thank you for sharing!
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteIt's almost trading flat.
ReplyDelete