Superfx_official
SuperForex Representative
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USD/CAD Technical Analysis
The uptrend persists.
Before yesterday’s speech by Fed Chairman Jerome Powell, the dollar index weakened, dropping below 97.00, and is still there. Therefore, on our chart we observe that the price has begun a correction and has moved away from semi-annual highs.
The data on crude oil reserves in the USA released yesterday showed a significant increase, which pushed oil quotes to update their annual highs. Given that the Canadian dollar has a correlation with oil prices, the Canadian currency has also begun to weaken.
At the moment we are seeing an uptrend. The current trend line is at the MA (86), but this time the MA (21) also played its role, and the price began to rise again. Therefore, we believe that the upward movement will continue and we advise you to take long positions regarding this pair. We recommend considering the levels of 1.3340 and 1.34 for your goals.
The uptrend persists.
Before yesterday’s speech by Fed Chairman Jerome Powell, the dollar index weakened, dropping below 97.00, and is still there. Therefore, on our chart we observe that the price has begun a correction and has moved away from semi-annual highs.
The data on crude oil reserves in the USA released yesterday showed a significant increase, which pushed oil quotes to update their annual highs. Given that the Canadian dollar has a correlation with oil prices, the Canadian currency has also begun to weaken.
At the moment we are seeing an uptrend. The current trend line is at the MA (86), but this time the MA (21) also played its role, and the price began to rise again. Therefore, we believe that the upward movement will continue and we advise you to take long positions regarding this pair. We recommend considering the levels of 1.3340 and 1.34 for your goals.