USDCAD has been the chart to watch lately as CAD strength wiped the floor with other currencies of recent.
Combing this with the USD weakness and the stabilising Oil price, USDCAD has been in focus for us.
Price is currently sitting at the key level of 1.3300 after breaking out of a key supporting trendline. The moving averages on the daily timeframe
look to be turning bearish and if price re-test the supporting trendline as resistance we can look for shorting opportunities in line
with the strength and weakness of the currencies.
Combing this with the USD weakness and the stabilising Oil price, USDCAD has been in focus for us.
Price is currently sitting at the key level of 1.3300 after breaking out of a key supporting trendline. The moving averages on the daily timeframe
look to be turning bearish and if price re-test the supporting trendline as resistance we can look for shorting opportunities in line
with the strength and weakness of the currencies.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.