USD/CAD has been bearish because the center of March, following the large crash earlier that month. This pair fell round 14 cents, from 1.47 to 1.
USD/CAD has been bearish because the center of March, following the large crash earlier that month. This pair fell round 14 cents, from 1.47 to 1.33, because the USD turned bearish, whereas crude Oil got here again from the useless, which gave the CAD a boos, since they’re carefully correlated.
The decline stopped purchase the center of June and for a couple of month USD/CAD traded inside a 200 pip vary as uncertainty prevailed. Markets had been unsure whether or not to stay bearish on the USD or flip bullish. However, they took that call earlier this month.
USD/CAD turned bearish lastly, after forming an upside-down hammer candlestick beneath the 100 SMA (inexperienced) on the H4 chart, which is a bearish reversing sign. This pair fell to 1.3350s initially lat week, however bounced greater, though the 20 SMA (gray) offered resistance and reversed the value again down.
As we speak we’re seeing one other pullback greater, however the 20 SMA is performing as resistance once more on this chart. We determined to take this chance and open a promote foreign exchange sign, because the 20 SMA is rejecting the value once more. Now, we hope that the bearish pattern resumes once more, which looks as if it’s, so the chart appears to be like good for our commerce.