Advertisement
Advertisement

USD/CAD Forecast May 30, 2016, Technical Analysis

By:
Christopher Lewis
Updated: May 28, 2016, 04:29 UTC

The USD/CAD pair initially tried to rally during the course of the day on Friday, but turned back around as we ran into a significant amount of

USD/CAD daily chart, May 30, 2016

The USD/CAD pair initially tried to rally during the course of the day on Friday, but turned back around as we ran into a significant amount of resistance. Ultimately though, the 200 day exponential moving average above is going to be targeted, and a break above that would signify a potential long-term set up. With this, it’s likely that the market will see a bit of volatility, but you also have to keep in mind that the oil markets will have quite a bit of influence on this pair going forward as usual.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?

Advertisement