Caught in a Channel Under Lengthy-term Assist
USD/CAD Technical Outlook
- USD/CAD continues to development decrease inside channel construction
- The weak worth motion is going on beneath long-term assist
- Buying and selling bias stays tilted decrease within the absence of aggressive shopping for
USD/CAD weak to additional losses
USD/CAD continues to point out weak point inside an intermediate-term channel construction beneath long-term assist, which means that decrease ranges lie forward. For some background, the pair broke beneath the 2009 excessive, which grew to become influential at instances over the previous few years.
The final maintain of the 13000-line was again in September, the place a rally solely resulted in a corrective bounce inside the downtrend off the March spike-high. The minor check in November lasted solely briefly earlier than USD/CAD lastly misplaced the long-term threshold final month. It was briefly examined simply previous to Christmas, however confirmed as a former degree of assist now turned resistance.
This saved the channel construction since early November creating as nicely. With the channel…