Yesterday’s speech by Donald Trump before the US Congress served as a catalyst for all currencies related to the USD, including USD/CAD.
After the breakout below the support trend line on the weekly time frame the pair fell to 1.2969, but after four weeks of range and bars (on the same time frame) that suggested that it would not continue dropping, USD/CAD climbed back up to the trend line it had broken below.
In my opinion, the most probable scenario is for the pair to continue rising toward 1.36 and only after it has reached that level to renew its move to the downside.
The target to the downside is still 1.26, but for the moment that appears to be a rather long-term prognosis and it’s unclear when the pair will reach it.
Very interesting information, good.
ReplyDeleteSeems to be moving back in the upward channel.
ReplyDeleteExcellent analysis as usual!
ReplyDeleteIt's very bullish indeed.
ReplyDeleteGood post!
ReplyDeleteGood to know, thanks!
ReplyDeleteFurther gain might be expected.
ReplyDelete