It seems that my expectation that USD/CAD would reach 1.36 turned out to be a little bit over the top.
On the daily time frame the pair has reached a resistance that it will have a difficult time overcoming.
The highest local high for the moment is at 1.34364 and a RSI divergence appeared on the H1 time frame, which also hints for a possible move to the downside.
This pair, however, is strongly dependent on the price of the LCrude, so obviously no developments happens swiftly or easily.
In case a move to the downside does begin, I think it should lead the pair once again to 1.3090 and possibly below that level.
In case the pair starts moving to the upside again, we could see it reach 1.36.
Seems like is stalling!
ReplyDeleteThe is consolidating while remains in the positive zone.
ReplyDeleteIt's still consolidating sideways.
ReplyDeleteAs always, very detailed report.
ReplyDeleteExcellent observation!
ReplyDeleteGood take on markets!
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteGood insight.
ReplyDelete