USDCAD - Has the Direction Changed?
USDCAD - Has the Direction Changed?
From a currency index standpoint, the DXY appears to be trending downward while the CXY is trending upward. Could the Canadian dollar be getting stronger than the US dollar?
Let’s observe from a technical standpoint. There appears to be the formation of a double top. If the technicals are accurate and the harmonic pattern is on point, we see the potential for USDCAD to drop as low as 1.37081. If it breaks this level, we may see the price go as low as 1.36499.
In the meantime, we observe and wait to see which economy’s fundamentals wax stronger. Currently, the CAD is stronger.
From a currency index standpoint, the DXY appears to be trending downward while the CXY is trending upward. Could the Canadian dollar be getting stronger than the US dollar?
Let’s observe from a technical standpoint. There appears to be the formation of a double top. If the technicals are accurate and the harmonic pattern is on point, we see the potential for USDCAD to drop as low as 1.37081. If it breaks this level, we may see the price go as low as 1.36499.
In the meantime, we observe and wait to see which economy’s fundamentals wax stronger. Currently, the CAD is stronger.
Nota
The currency index observations are still on point. Price respected the 1.39000 region and price is still expected to drop to the levels mentioned previously.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.