USD/CAD has been on a bearish development because the center of March, when the surge within the USD ended and the commodity currencies stopped cr
USD/CAD has been on a bearish development because the center of March, when the surge within the USD ended and the commodity currencies stopped crashing down. The danger sentiment improved, regardless of the elevated uncertainty concerning the way forward for the worldwide economic system, serving to the CAD additional.
In late Could and early June this pair went by way of one other decline, however it stopped at 1.3350-60 the place it shaped a backside, which held till late July when the help space was damaged. The USD went by way of one other part of promoting and USD/CAD fell to 1.3230.
However, we noticed the value pullback greater yesterday within the US session, which stretched additional up in the present day. We opened a promote sign in a single day on the 20 SMA (gray), however the pullback continued greater to the 50 SMA (yellow) on the H4 chart, which is offering resistance. We determined to take one other shot and simply opened one other promote foreign exchange sign under the 50 SMA. The retrace greater has stopped now, so let’s hope the bearish development will resume quickly, because the worth is overbought on the H4 chart.