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Abstract:CAD Technical Forecast: USD/CAD Near Important Long-term Low
USD/CAD broke 2018 low last week
Could see the 2017 low in the days ahead
Neutral to bearish trading bias
Last week, USD/CAD continued its run of weakness with only a hesitation at the 2018 low before firmly breaking it on Thursday. Looking ahead to this coming week, the 2017 low, an important multi-year low, could come into play. And early.
The 2017 low resides at 12061; a break below there will have USD/CAD at its worst levels since 2015. In the initial brush with this low, it is anticipated that some type of reaction will occur. But in the absence of a really strong reaction and hold of any initial bounce, the trading bias at best will be neutral.
For would-be shorts, there isn‘t much room until we reach that low – unless you are looking for very short-term trades, then trading downside momentum may offer some opportunity. For those looking to hold for a few days or longer, risk/reward isn’t favorable at this juncture.
It will take a little work around the 2017 low to pique interest from the long-side. A strong bounce would be good for starters.
USD/CAD WEEKLY CHARTUSD/CAD Charts by TradingView
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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