The US dollar rallied a bit during the day on Monday against the Canadian dollar, reaching towards the 1.2250 level. It looks as if we continue to show
The US dollar rallied a bit during the day on Monday against the Canadian dollar, reaching towards the 1.2250 level. It looks as if we continue to show bullish pressure, but I think that there is more than enough resistance above to keep this market down over the longer term. I think the 1.23 level might be where we start to see massive selling pressure as it was the previous uptrend line that had been broken. Because of this, the market looks very likely to roll over given enough time. Ultimately, I believe that if oil rallies that could help the Canadian dollar is well.
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.
