USD/CAD is trading in a choppy environment for the past few weeks. The pair has been going up and down in the range between 1.3130 and 1.2780. The pair has been seeing high volatility in part because it did a major move going from a multi-year high of 1.4680 to a low of 1.2462 in a few months the beginning of this year. Some market experts consider this the last third of the big move where prices go parabolic due to the high volatility created by buyers and sellers.
All this could mean that the pair is still in it's uncertain environment so paying attention to the clues of the ticker might prove to be crucial for success.
USD/CAD found resistance at yesterday's high of 1.3124 and then retreated to lower levels. The pair is currently trading at 1.3048 and it looks like it still hasn't decided what to do next so staying out of this market might the best decision today.
Chart: USD/CAD H4
It could be at a good turning point.
ReplyDeleteIt will likely test the resistance again soon.
ReplyDeleteIt may rise still further.
ReplyDeleteI think the pair will soon reach 1.3200.
ReplyDeleteGood analysis!
ReplyDeleteThanks for the tips.
ReplyDeleteA good post with good insights into the situation.
ReplyDeleteThank you for the useful info.
ReplyDelete