USD/CAD Close to Essential Lengthy-term Low
CAD Technical Outlook
- USD/CAD broke 2018 low final week
- May see the 2017 low within the days forward
- Impartial to bearish buying and selling bias
CAD Technical Forecast: USD/CAD Very Close to Essential Lengthy-Time period Low
Final week, USD/CAD continued its run of weak point with solely a hesitation on the 2018 low earlier than firmly breaking it on Thursday. Waiting for this coming week, the 2017 low, an necessary multi-year low, may come into play. And early.
The 2017 low resides at 12061; a break under there can have USD/CAD at its worst ranges since 2015. Within the preliminary brush with this low, it’s anticipated that some kind of response will happen. However within the absence of a very sturdy response and maintain of any preliminary bounce, the buying and selling bias at greatest will likely be impartial.
For would-be shorts, there isn’t a lot room till we attain that low – until you’re in search of very short-term trades, then buying and selling draw back momentum might provide some alternative. For these trying to maintain for just a few days or longer, threat/reward isn’t…