Chart of the Day: USDCAD

Blake Morrow Forex Analytix

The USDCAD looks poised to trade towards the 1.2860-1.2880 level near term where a confluence of 127% Fibonacci extensions are at from the August to September rally and the last November bounce as well. RSI is not oversold but divergent which may suggest a near term low may be found there. The USDCAD has been slow to react to USD weakness and may attempt a move lower soon.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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