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

Sell 43%
Buy 57%
Avg Sell Price 1.3367
Avg Buy Price 1.3260
Liquidity Distribution


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