As a result, the pair lost 87 basis point. The USD/CAD exchange rate was primarily guided by the 55-hour simple moving average on Friday.
Two scenarios are likely to happen within the next 24 hours. First, the rate could reverse from the lower boundary of the medium-scale triangle for a re-tested of the SMA. Second, continue to decline until it finds support at the weekly pivot point at 1.2704.
USD/CAD looks to have a steady sailing next week with events pretty much off the table.
Chart: USD/CAD D1
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ReplyDeleteVery detailed analysis, thank you.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteVery informative! Thanks.
ReplyDeleteI think it will continue depreciating.
ReplyDeleteWill keep these levels in mind.
ReplyDeleteGreat daily note as always, thank you!
ReplyDelete