USD/CAD Technical Outlook
- USD/CAD buying and selling close to 2017 low at 12061
- Watching value motion intently for cues
- Key ranges and contours to observe
Canadian Greenback Technical Forecast: USD/CAD Breakdown at a Massive Stage
USD/CAD continues to commerce very weak, unable to muster any kind of rally since breaking down a couple of weeks in the past. The 2018 low introduced nothing in the best way of help and now the 2017 low sits only a stone’s throw away.
The 12061 degree is subsequent as much as see whether or not USD/CAD can discover a low at a significant long-term degree. In the intervening time it appears as if nothing can put a ground in, however that may change in a short time. We now have seen USD/CAD run decrease earlier than with seemingly no ground in sight solely to see value all of the sudden flip round. So we have to be on our toes.
A big someday reversal might do the trick to place in a low for now, however reacting as an alternative of predicting is the important thing right here from a tactical standpoint.
For individuals who could also be holding shorts from greater ranges, using a trailing cease technique of some kind could be a prudent approach to go to guard income. However once more, till we see some kind of sudden turnabout or bottoming course of unfold, sellers are nonetheless in cost.
With that mentioned, nevertheless, contemporary shorts don’t have a lot attraction from a danger/reward perspective with out first seeing some kind of corrective value conduct. Longs presently maintain no attraction. However ought to we see a response round vital help, then that outlook might rapidly change for these taking part in a countertrend transfer.
Ought to we see a bounce develop quickly, control the 2018 low in addition to the June 2020 slope connecting quite a few lows since then. If the 2017 folds then the subsequent degree of help clocks in at a significant swing-low that developed in 2015 at 11919.
USD/CAD Each day Chart (watch value motion across the 2017 low)
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—Written by Paul Robinson, Market Analyst
You’ll be able to observe Paul on Twitter at @PaulRobinsonFX