The CAD was amongst the G10 FX to cope best with the USD resurgence, which is a corollary to the fact that the CAD has been the G10 FX to capitalise the least on this month’s USD underperformance. The broad risk-on tone and extended rally in oil prices could still be supportive for the CAD further down the line, while rate differentials continue to hold up largely steady.
Double bottom on the 4HR Chart and we are now above all 3 moving averages 20 EMA (Blue), 50 EMA (Red), 200 EMA Green.
Entries could possibly be taken on the 1HR Chart targeting the October 22 high. We are getting the 20 EMA and 50 EMA crossover and were above the 200 EMA.
Comment:
We had the pullback and bounce off the moving averages on the 1HR Chart and strong buying momentum throughout the day.