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USD/CAD – Weaker Sellers
On Tuesday, USD/CAD printed 1.3134 – its lowest stage in six weeks. Nonetheless, the pair rallied after then settled above 1.3200 deal with.
Alongside this the Relative Energy Index (RSI) climbed from 36 to 46 in two days indicating to vendor’s lack of momentum.
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USD/CAD DAILY PRICE CHART (April four – Sep 13, 2019) Zoomed Out
Following USD/CAD transfer on the every day chart, we discover a form of sample the pair has been buying and selling with. The worth consolidated from April 20 to June 7, peaked then declined beneath the consolidation space. On June 10, USDCAD U-turned again to the previous consolidation space, then reversed and plummeted to its lowest in practically 9 months.
At the moment, USDCAD chart strikes in an analogous sample. The pair consolidated from Aug 6 to Sep four, peaked then declined beneath the consolidation space. On Sep 10, the pair U- turned again to the previous consolidation space. Probably, the pair could preserve buying and selling in the identical sample i.e. it may reverse then plummet on the long term to the degrees marked on the chart (Zoomed out).
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USD/CAD DAILY PRICE CHART (JUly 1 – Sep 13, 2019) Zoomed In
From the every day chart, we discover on Wednesday USD/CAD rallied again to the buying and selling zone 1.3166 – 1.3256 eyeing a take a look at of the excessive finish of the zone.
Thus, an in depth above the excessive finish may push USDCAD in the direction of 1.3357. That mentioned, the weekly resistance ranges underlined on the chart (zoomed in) ought to be stored in focus.
On the flip aspect, any failure to shut above the excessive finish could change the pair’s course sending it again in the direction of the low finish. Additional shut beneath the low finish would possibly press USDCAD in the direction of 1.3064. In that state of affairs, the every day assist space with the weekly assist ranges underscored on the chart have to be watched intently.
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Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi