USD/CAD is trading relatively unchanged since Friday's high after the pair got a boost when the CAD news were released. USD/CAD made a high of 1.3354 on Friday and closed at 1.3333. Today, the pair has been trying to hold to the gains from the past week and has been successful so far. USD/CAD made a new high today at 1.3358 but then retreated to lower levels below 1.3340. Main trend on the short term is bullish, the thing is that if bulls want to continue with the same pace they have to get above the resistance at 1.3350-1.3355.
That's the hard part as they have to rely on Friday's news and momentum because today we have no news coming out.
On the other hand, US Consumer Confidence is scheduled for tomorrow morning Eastern time and that may be another boost in the pair's price.
Until then, USD/CAD is trading with low volumes at current market price of 1.3335.
Chart: USD/CAD D1
I completely agree with your analysis.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteIt's still very bullish.
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ReplyDeleteVery useful information! Thanks.
ReplyDelete