Fundamentals: - A very similar situation to the Aussie in the fact that the Canadian economy is actually performing quite well and with the recovering Oil
price further downside could be expected. The USD has again become a safe haven currency in this situation but with a rate hike now doubtful from the FED we should see a return to the downside on this currency pair. We will have to wait for solid rejection to assume a trade.
Technical’s: The Canadian pair still rejects the weekly ema’s but price action is screaming upward momentum for now based on the daily. If going into next price pulls back between 12900 and 128000 and rejects the downside with reversal patterns we can buy the pair however without a pullback we’ll be watching the 13100 price level acting as resistance to go short.
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