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Good day traders!
usdcad
Technically;
- USDCAD is now traded in a range bound of $1.02224 and $1.00759 again after a strong USD pushed the price to a high of $1.05228.
- By looking at the prior trend and recent development in oil price, we are set to see the price to break the strong support level 1.05228. We can see it in the form of a descending triangle pattern
- Awaiting on the downside are psycho level $1.0000 and 27 Okt 2011 low at $0.98897.
- Going north would mean a bounce from the $1.05228 level. And it will be traded in a range bound again.
- RSI shows more weakness from the pair.
With oil still making its mark above $100, I’m bias to the downside for this pair.
Happy piping!
Shufaad
60166447174
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Trading Philosophy
“Income is derived by what value we can create for others, therefore do what you enjoy, do it the best, and this will allow you to create the most value.”
- Garrett Gunderson, is an entrepreneur and author.
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