USDCAD retraced from the high after hitting 1.3100 level.
The question on the table now is Does it continue its decline or just a shortterm retracement ?
Fundamental Analysis doesn't favor rally because I know surely that BOC would not cut rate anymore in this year.
The only reason for the rally comes from USDollar, if FED Statement refuses to provide catalyst for greenback ,USDCAD could retrace more and more.
Look at on the chart, a meaningfull support is at 1.2800 : this is the old high.
RSI indicator shows that it is testing bullish trend line I draw on the chart : IF USDCAD BREAK THIS TREND LINE, USDCAD WILL EXTEND THE LOSS, ON THE OTHER HAND, USDCAD WILL BOUNCE FROM THE SUPPORT.
Stoch indicator shows that it moved out the overbought zone, absolutely it will move dow to 30 level.
I like to BUY USDCAD.
1.2800 level is a good place to hit a BUY LIMIT order.
And I hope FED will not disappoit me.
The question on the table now is Does it continue its decline or just a shortterm retracement ?
Fundamental Analysis doesn't favor rally because I know surely that BOC would not cut rate anymore in this year.
The only reason for the rally comes from USDollar, if FED Statement refuses to provide catalyst for greenback ,USDCAD could retrace more and more.
Look at on the chart, a meaningfull support is at 1.2800 : this is the old high.
RSI indicator shows that it is testing bullish trend line I draw on the chart : IF USDCAD BREAK THIS TREND LINE, USDCAD WILL EXTEND THE LOSS, ON THE OTHER HAND, USDCAD WILL BOUNCE FROM THE SUPPORT.
Stoch indicator shows that it moved out the overbought zone, absolutely it will move dow to 30 level.
I like to BUY USDCAD.
1.2800 level is a good place to hit a BUY LIMIT order.
And I hope FED will not disappoit me.