USD/CAD - Weak rally signals bearish sentiment
|Contrary to yesterday's bearish forecast a sequence of 4 down days ended. The stalling at the 100 day mvg avg proved important and led to consolidation. A profit taking rally attempt was limited though with Wednesday’s top not retested and the market failing to clearly break back above the 13 day mvg avg. The weakness of the rally has been emphasised by renewed selling in Asia and so this morning’s call is a Sell but leaving room to Sell any Rally to 1.3338, Asia’s high. The risk is 1.3373, Wednesday’s peak, with an immediate target of 1.3286, this week's low. A move through that point then exposes sentiment to 1.3256 and 1.3234, March 1st Marabuzo line.
Weak Rally
USDCAD Current Trading Positions
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