USD/CAD is recovering

USD/CAD is recovering

2019-11-11 • Updated

Last week, USD/CAD held above the strong daily support level. The Canadian dollar weakened as the nation’s Prime Minister Justin Trudeau said that he "will not sign a bad NAFTA deal". In addition, the US Dollar index also corrected up from the lowest level of 93.39 and rose to 93.84.

From a technical perspective, on the daily timeframe there is a bullish harami pattern, and the stochastic indicator had entered oversold area and started crossing upwards. Both indications point at a great opportunity for USD/CAD to move up.

USDCADDaily 24 sept.png

USD/CAD will target the daily resistance level at 1.2990. The strong support level is located at 1.2890.

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USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.

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