The US dollar fell against the Canadian dollar on Friday, slicing through the 1.27 level again. The market is taking a bit of a break after several
The US dollar fell against the Canadian dollar on Friday, slicing through the 1.27 level again. The market is taking a bit of a break after several attempts to the upside, and I think that a pullback is healthy. When looking at the longer-term charts, we have bounced from a major uptrend line, and I am still bullish of this market. I look at this pullback is an opportunity to offer value for traders who are patient enough to take advantage of any type of pullback and support. I think that given enough time, we will find buyers and continue to go much higher, with my initial target being the 1.30 level.
I continue to buy pullbacks time and time again, as I believe that the uptrend line should hold. I will add to my position every time we make a fresh, new high, but I will do so in very small increments. I have no interest in shorting, least not until we break down below the uptrend line off the weekly chart, which of course would change everything. This is a market that is very noisy, but I think will continue to favor the US dollar as the American economy shows real signs of strength currently.
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.