IS A USDCAD REVERSAL LIKELY?…
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IS A USDCAD REVERSAL LIKELY?
In this week’s newsletter we are going to look at the USDCAD pair and if we are going to see a reversal anytime soon.
The pair is currently in a heavy downtrend especially since the Bank of Canada held a more hawkish tone over the Federal Reverse. This gave the Canadian Dollar some significant strength which it has held for some time. However, the USD is now at a reversal zone on the USD Index and is showing some signs of a reversal.
Looking at the weekly timeframe we can see that the past two weeks on this currency pair have formed low ranging candles which shows us a sign the selling momentum is fading.
Taking a closer look at the daily timeframe we can see that the price is finding support at the lows. To be a buyer in the market we would need to see a change in trend on the daily timeframe. A break of 1.2144 which is the weekly high would also provide that change in trend and offer long opportunities from support.
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