The USD/CAD pair had a slightly positive week, using the 1.20 region as support. However, we have broken down below a significant uptrend line and the
The USD/CAD pair had a slightly positive week, using the 1.20 region as support. However, we have broken down below a significant uptrend line and the last several weeks, and therefore I think that there is still more selling pressure to be faced. A breakdown below the 1.20 level has this market looking for the 1.15 handle, just as a bounce from here will have to deal with the previous uptrend line. I have no interest in buying this market from a longer-term perspective until we can clear the 1.25 handle above, which doesn’t look likely at the moment.
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.