USD / CAD on water around 2017 low
CAD technical perspectives
- USD / CAD trading around 2017 low
- Neutral to bearish trading bias
CAD technical forecast: USD / CAD on water around 2017 low
Last week, the USD / CAD was once again uneventful around a turbulent level. The 2017 low continues to keep prices from falling further, but for how long? We have yet to see any drastic price action to indicate a washout or reversal of any kind.
This suggests that we may soon see some new weaknesses here. In case we do, a May 2015 swing-lower stands at 11919, which could be enough to forge a bottom for a countertrend rally. The current swing-low just above 12000 would then become resistance.
If we see the recent stall in downward momentum increasing, a countertrend trade might be difficult. The first level to watch is from a lower downtrend line from June 2020. If this can be overcome, a wider rally can begin.
Tactically speaking, shorts seem to be in control while long ones don’t have much to lean on at the moment.
USD / CAD Daily Chart
Resources for Forex Traders
Whether you are a beginner or an experienced trader, we have several resources available to help you; tracking indicator sentiment of the trader, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and especially for those who are new to forex.
— Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at@PaulRobinsonFX