$USDCAD bouncing from critical number. Get our daily forecast here: Forex Trading
Enter your email Looking at this chart, we have seen the market launch quite drastically to the upside, pull back a bit, find support at a big figure, and then continue the run higher. bounced during the trading session on Wednesday against the Canadian dollar at the crucial 1.35 level. This does make a certain amount of sense, because obviously there is a lot of psychology around these big figures, and of course, the US dollar has been like a wrecking ball against almost everything.
Looking at this chart, we have seen the market launch quite drastically to the upside, pull back a bit, find support at a big figure, and then continue the run higher.Waiting for Buying Opportunities The 1.38 level above is a significant resistance barrier, and if we can clear that level, I think it opens the possibility of a move to the 1.40 level.
Any breakdown from here could see a move below the 1.35 level signal a potential run down to the 50-DayI don’t necessarily think that happens, but it is something that we need to keep in the back of our minds. I do like the idea of buying dips and picking up value, and I do not have any interest in shortening this market.
OPEC is anticipated to announce a 2-million-barrel production cut per day, and while that could drive oil markets higher, I think that the Canadian dollar will probably remain somewhat muted in reaction, due to the various other factors going on in Canada now. I personally do not like the idea ofthe US dollar, so therefore I have an upward bias in this market, but I do recognize that we will not necessarily be green every day.
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