USD/CAD Unsteady

Market participants are still waiting on the USD/CAD's price to show further clear directional movement. A further break and retest of the lower ascending trendline of the channel and 1.32650 support would lead to shorting opportunities.

On the other hand a break back above the most recent lower high would show a change in the daily market structure. This could spark renewed interest in the bull camp and drive the price higher.

Currently price is below all 3 EMA's and the 20 EMA is below the 50 EMA with the potential of crossing over the 200 EMA. Market sentiment is overall bearish in the USD/CAD unless traders and investors see the daily market structure change.

Over the last week price has not shown potential opportunities as price is still trading sideways. It is interesting to follow the pair into the week to see if price shows that break and retest we are looking for to go short or whether price does a U-turn from the lower channel support back to the upside.

Chart: USD/CAD D1