Canadian Greenback Outlook: USD/CAD in LimboUSD/CAD want a catalyst to interrupt again above 1.3200/1.3212.Lengthy-legged doji hi
Canadian Greenback Outlook: USD/CAD in Limbo
- USD/CAD want a catalyst to interrupt again above 1.3200/1.3212.
- Lengthy-legged doji highlights market’s present indecision.
USD/CAD Stays Capped within the Brief-Time period
The current weak point within the Canadian greenback in opposition to the US dollar will seemingly be placed on maintain for now as current makes an attempt to interrupt again above the 1.3200/1.3212 space have proved unsuccessful. This three-week excessive is being guarded by the 50-day shifting common – presently at 1.3206 – and the pair might want to commerce and shut above each ranges to re-start short-term bullish momentum. USD/CAD could discover itself caught in a buying and selling vary based mostly off the October 30 candle between 1.3075 and 1.3210.
The market’s present indecision is presently highlighted by the long-legged doji made on November 5with the opening and shutting worth simply a few cents aside. Whereas this doji doesn’t suggest a transfer greater o decrease, it does underscore market indecision in USD/CAD at present ranges. The CCI indicator on the backside of the chart reveals that whereas the pair are nearing overbought territory, that is beginning to flatten off. As well as, USD/CAD presently trades mid-market beneath the 50-dma and above the 20-dma.
It’s seemingly that USD/CAD will commerce in a slender vary over the following few…