USD/CAD Analysis - page 39
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USD/CAD has rallied above 1.2530 as I thought it would, so I wouldn't be surprised if it reaches 1.2600 after all. Next target above 1.2600 could be around 1.2650.
USD/CAD has a double top at 1.2597 and 1.2590, I think there will be a pullback from that zone and a drop to 1.2400.
There is no clear trend really on the USDCAD daily chart. It has completed 18 trading sessions around the 1.2500 level, but the longer it stays consolidated, the stonger the movement it would be once it takes off.
Good move to the downside, somehow not strong enough though.
Good move to the downside, somehow not strong enough though.
I thought it would fall to 1.2400, but apparently that wasn't the case as it rebounded from 1.2450 and it may now finally rally above 1.2600.
USD/CAD did rally above 1.2600 as I thought it would. The pair remains very bullish and I wouldn't be surprised if it continues moving north to the last local high at 1.2777.
USD/CAD appears capped at current level. Above 1.2670 bulls will take over, right now pair is in bearish territory.
USD/CAD is stuck in a tight range above 1.2780. I think that once that ends it will keep moving north to 1.3000.
There is a double top at 1.2916, so I think we might see a move to the downside. However, we should also keep in mind that the NFP data will come out tomorrow and then there should be a lot of volatility.
The Canadian dollar lost a lot this week to the US dollar. I think that's a healthy depreciation.