The USD/CAD has performed a bit bearish with a strong momentum down. At this point we see a consolidation.
If the price breaks below 1.3550 again we will see new sellers joining. However, 1.3600-20 zone needs to stay unscathed for that scenario to develop. Market has been very rangy and very hard to trade this week as there was lack of real trend momentum. Targets for bears are 1.3520 and 1.3486. If the price makes a close above 1.3620 then we might see 1.3665.
The Analysis has been done with the CAMMACD.Core and Sit Systems
For a look at all of today’s economic events, check out our economic calendar.