USD/CAD
pushed higher on Monday, reaching high at 1.3239, which is the highest level for
the last four months. But due to the lack of macro news that could stir the
market more significantly, the weak crude oil prices dragged the pair down. Since
then the pair is trading sideways within a tight rage. On Wednesday the USD
dollar was boosted due to Fed’s decision to keep the rate unchanged and
consequently USD/CAD drew near the four month lows.
First
resistance is located at 1.32119. A possible break above will drag USD/CAD to
the temporary top marked at 1.32547. On the downside, the support is seen at 1.3093
OBV confirm the sideway movement. But as on Monday the pair ticked higher and the OBV is staying below May’s levels. It seems that bulls are not attracted by this divergence, as the volume on up candles is not strong enough.
OBV confirm the sideway movement. But as on Monday the pair ticked higher and the OBV is staying below May’s levels. It seems that bulls are not attracted by this divergence, as the volume on up candles is not strong enough.
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