The US dollar rose slightly against the Canadian dollar during the session on Wednesday, as we continue the upward channel. However, we have recently seen
The US dollar rose slightly against the Canadian dollar during the session on Wednesday, as we continue the upward channel. However, we have recently seen a massive move in favor the Canadian dollar so I think that it’s only a matter of time before the sellers come back. While I do not see a selling opportunity yet, I am hesitant to go long of a market that has broken down so significantly in the recent past, and of course with the Bank of Canada looking to tighten its monetary policy, I think it’s only a matter of time before the sellers return.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
