USD/CAD is yet again trading up and down day in and day out. The pair has been caught in range trading since it hit the bottom in early May after it made a history high in the end of January. January high of 1.4689 came as a surprise for most traders and investors as it was beyond any prior resistance and bull target. Since then, USD/CAD took a nosedive that lasted three months and cost the pair some 220 points going from 1.4689 to 1.2460.
Since May, USD/CAD has been very difficult to predict as the pair has not been going much but sway from 1.32 to 1.27. Lately, however, the pair has been playing with the 200SMA indicating that a time to move has come.
Current price is 1.3245 with a high of the day of 1.3250. Market participants are anticipating today's CAD CPI and Retail Sales.
Chart: USD/CAD D1
Great daily note, thank you.
ReplyDeleteGreat post. Very helpful!
ReplyDeleteVery helpful analysis, thank you.
ReplyDeleteGood momentum in the last candles!
ReplyDeleteThank you for the analysis very helpful.
ReplyDeleteIt's very bullish again.
ReplyDeleteConsolidation around 1.334 level.
ReplyDeleteA good post with good insights into the situation.
ReplyDeleteGood assessment!
ReplyDelete