USDCAD - Negative channel to dominate this week
|As expected, USDCAD posted a 3rd down week in a row and the lowest levels traded since October last week. Selling pressure did stall at oversold extremes and around the 200 day mvg avg (unbroken since Oct) with Thursday’s profit taking producing a Bullish Hammer pattern. Despite those concern’s the bounce from the lows was modest and the daily Keltner channel continues to point lower. Therefore, allowing for some volatility, we're looking for the trend of 3 down weeks in a row to continue.
I'm looking for profit taking ralliesto be limited with levels near 1.3239 to find fresh selling interest with downside potential to 1.3030 and 1.2946. Only above 1.3314 would, in my opinion, be bullish.
Selling Deepens
Negative Channel
USDCAD Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.