Canadian Dollar Technical analysis
The Canadian dollar continues to gain, last week fell sharply to a low of 1.3058, its lowest level since Nov 17 , any progress in U.S.-China trade would likely raise risk appetite and boost the Canadian Dollar.
As mention in, last post: the Canadian Dollar face in a very interesting situation for the continuing trend
On all my USD CAD posts I was talked about the long-term moves and try to draw conclusions for the future on this pair, we got the bounce and now my assumption & scenario is a bit complicated and you need to be ready for a lot of movements on the USD CAD if 1.2970 area will not hold so the next target will be at 1.2830 area and even lower to 1.2630, 1.2500, break up again 1.33 will confirm more upside. –CAD trading pattern
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| USD CAD news |
USD CAD technical analysis:
As long as the Canadian holds the support and will not break down the 1.2970 + area – the trend is positive and the expectation is to continue higher
On the other hand, a break of this area will send the Canadian to areas of 1.2830 1.2620 1.25, when a break of 1.2470-1.25 will lead the pair to the 1.21 area -same as happening in 2008
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| USD CAD chart |
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| USD CAD chart analysis |
USD CAD map position :
In the position chart, you can see that the picture currently shows a continuation of the down move – you must pay attention to it , Because if that is so then the hint is here similar as occurred in 2017!
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| USD CAD position |
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