USD/CAD retreated from the
upper levels that was seen during the last sessions, as better than expected
Canadian data boosted the loonie.
As the time of writing the current market price is 1.2735, posting 0.20% down for
the day from the intarday high at 1.2786. As seen on the four hour time frame
the pair met support at the 23.6% Fibonacci retracement of latest September to
late October bullish run at 1.2715. On the same chart the price is developing
below its flat 100-day and turned to bearish 20-day SMAs. Stochastic is nearing
its mid-line and is displaying strong bearish momentum RSI is located around
its mid-line, but has lost directional strength.
The USD/CAD is consolidating around the 1.2700 handle, the lowest points ot
October range. Technically we have mixed signals with prevailing neutral
stance. Next on focus is the voting in the House
over US tax reform, which will give more clear direction and trend strength.
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