News & Analysis
USDCAD, move lower setting up?
There are signs emerging from the daily USDCAD’s chart that the current move up is weakening. Two key resistance points have come into play since Friday – 1.2600, the current high was put in on Friday and 1.2533 level showed signs before Thursday’s leg higher driven by news.
Buyers have been unable to continue their momentum. That final leg up could turn out to be a failed bull break. Traders should be watching if price can break the 1.2533 level. If it continues to fail and make a new lower low we could have a correction developing.
Here’s the snapshot of USDCAD Daily chart.