I haven’t read any other analysis but USDCAD intrigues me from a technical analysis standpoint as the Daily is fast approaching oversold (falling knife velocity) -RSI, CCI, Sto— every time since August has gotten good pop to upside. We have found a little support at previous month pivot @ 1.3280. Although it is possible could potentially dip lower near term I couldn’t honestly sell here. I would observe pull back if breaks above resistance @ 1.3320 could go 1.3380/1.3400. Is the currency pair half empty or half full? Since USD has been strong with rate hike looming 12-14 plus with relatively good news out of Canada might be better to find different currency pair until market gives clear indication.
USDCAD Daily
USDCAD Month
USDCAD 4H
One thought on “USDCAD Indifference”
Leave a Reply
You must be logged in to post a comment.
I forgot to mention my analysis was done/uploaded just prior to market open on Sunday and could not short 1.3290 level. We did get a quick oversold pop up to 1.3356 area before heading south again.