USD/CAD - Upside Stalled, Sellers to Return?
|Trading was mixed in USDCAD yesterday. Both initial lows, a reaction to Monday’s gains, and subsequent highs were rejected. This left the currency pair with limited net movement, although still above the key mvg avgs. This lack of follow through in either direction signals investor uncertainty but continued failure above 1.3300 provides scope for a deeper pullback. So, this morning’s call is a Cautious & Temporary Sell but leaving room to Sell any Rally to 1.3306. The risk is 1.3328, November’s high, with an immediate target of 1.3273, the 13 day mvg avg. A move through that point then exposes sentiment to 1.3259, last week's low, or even towards 1.3234, Nov 19th Marabuzo line.
Demand Stalled
USD/CAD Current Trading Positions
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