Despite the breakout below the support trend line and my expectation that there will be a move to the downside, USD/CAD renewed its rally, and not only did it do that, but it also formed a new high at 1.37931.
At this stage there are two possible scenarios:
To the upside the target is at 1.3950 – 1.4000.
I still think there is a possibility for a move to the downside and the first target is around 1.3550.
We should not forget that that this pair is largely dependent on the price of oil and said price continues falling. I think that at this stage we need to be very cautious and in my opinion, it’s best to use intraday trading approach.
Very helpful and insightful analysis, excellent.
ReplyDeleteThank you for the analysis.
ReplyDeleteVery well spotted, thank you!
ReplyDeleteInformative review on current market conditions.
ReplyDeleteLooks like it will keep pushing higher.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteGood insight.
ReplyDeleteGood post!
ReplyDelete