Technical analysis: Canadian Dollar mounting a slow recovery, sights on 1.3700
The Canadian Dollar was broadly higher on Monday, gaining four-tenths of a percent against the Pound Sterling (GBP) and nearly a third of a percent against the Swiss Franc (CHF) and the Japanese Yen (JPY). The CAD is outperformed by the Australian Dollar (AUD) and the New Zealand Dollar (NZD) as the Antipodeans recover recently lost ground.
The USD/CAD pair fell from last week’s peak of 1.3840, and a bullish recovery attempt fell short after a bearish rejection from the 1.3800 handle. The pair is now targeting 1.3700, which will clear the way for a push toward a supply zone near 1.3550 as the Loonie leaks below technical support at the 200-hour Exponential Moving Average (EMA) near 1.3730
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.