Market Focus: USDCAD
Hi, traders, today we take a look at the USDCAD D1 chart.
We are keeping in line with the current long term trend, we have seen a mini fightback from the USD but the question is can it continue?
Looking at the daily chart we can see the two-day fightback rally that has been stopped for now at 1.3390 resistance. New Lower High was also set up on that resistance level formation. The overall trend remains down and price, for now, remains in line with that trend. We’re watching tonight’s London and NY session to see if sellers can continue to hold control that has been started today. While price remains below resistance and below today’s opening price, we’re looking for further selling to develop. If buyers can force a close above today’s opening price that starts to put pressure on this idea.
Oil is another factor, in today’s London session buyers have moved above resistance while buyers continue to push higher this, in turn, should continue pressure on the USDCAD.
News to come;
No key USD of Oil data due out today.
USDCAD Daily Chart