Wednesday, 22 November 2017

Latest US$/C$ Exchange rate news (11th March 2016 10:00)

Written by  Trading expert Published in Market Data Sunday, 13 March 2016 00:00
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USD/CAD sells off from SMA once more. Wednesday’s move below C$1.3262 pointed towards a continuation of the downtrend that has been in play over recent weeks. On both Wednesday and Thursday, we saw the 50-period simple moving average (four-hour) provide crucial resistance to send the pair lower. We are currently seeing the pair respond to...
USD/CAD sells off from SMA once more. Wednesday’s move below C$1.3262 pointed towards a continuation of the downtrend that has been in play over recent weeks. On both Wednesday and Thursday, we saw the 50-period simple moving average (four-hour) provide crucial resistance to send the pair lower. We are currently seeing the pair respond to the C$1.3262 support level. Given the fact this sell-off has already significantly progressed, the risk/reward profile of any shorts do not seem worthwhile. Thus while a bearish view is in play, it makes more sense to short into rallies, with the 50-period in particular marking a notable resistance point. A break through C$1.4357 would negate this bearish view. Key support levels in the meanwhile are C$1.3262, C$1.3228 and C$1.3121.
Read 963 times Last modified on Sunday, 13 March 2016 17:16

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