SeaLionLLC

$USDCAD to bounce higher soon

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
Since early September USDCAD has been stair stepping higher and the recent pullback may present an opportunity to enter long if are not already. There is a support/resistance line just under 1.10 and the rising 200 day MA looks to converge at that spot while the bullish falling wedge may complete. From a fundamental perspective if Goldman Sachs and other analysts are correct about oil going lower from here that will only help the bullish dollar case versus the loonie.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.