Neutral at the moment. Too hard to pick a direction.
USD/CAD is within the resistance zone between
1.2470 and 1.2430. I think it is possible to see a reversal and a new drop
in the next few hours to a few days.
Usd/Cad consolidating higher near 1.25 level, break above resistance level around 1.2530/40, uptrend would continue towards 1.2650.
I think the pair has finally broken out above 1.2530. If that is indeed the case the correction to the upside could last to 1.2740.
It did break out above 1.2530 and I almost opened
a long position before I remembered that the NFP announcement was today
and I thought better of it. I'd rather see what effect the NFP will
have first before I open any positions.
1.2595 proved to be a too strong resistance for
the correction. I think USD/CAD is falling back to the support at 1.2470
and I have already shorted.
USD/CAD rebounded from 1.2430. I already have a long position, I think it will rally to 1.2530 or even to 1.2600.
Nothing major happened to the pair this last week.
USDCAD FOR NEXT WEEK:
S: 1.2451 - 1.2390
R: 1.2510 - 1.2478