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.
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.
