26 Mar 2015
USD/CAD a fade on rallies?
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2486 with a high of 1.2534 and a low of 1.2408.
USD/CAD is recovering from the sell-off on the back of the outlook in the middle eastern oil producing nations and concerns that global supply could once again suffer as a consequence of any conflict. However, WTI is lower again, below the knee jerk price son $50.00 and the price action in the Canadian dollar is a reflection of that as well as sentiment turning on the greenback for the near term as some begin to call for a correction in the price.
Technically, analysts at TD Securities explained that the short-term term patterns are choppy but there is still no getting around the fact that medium-term technical signals are bearish. "Big, bearish daily and weekly reversals formed last week around the rejection above 1.28. For that reason, we are strongly inclined–still—to see the broader risks here as being geared lower."
USD/CAD is recovering from the sell-off on the back of the outlook in the middle eastern oil producing nations and concerns that global supply could once again suffer as a consequence of any conflict. However, WTI is lower again, below the knee jerk price son $50.00 and the price action in the Canadian dollar is a reflection of that as well as sentiment turning on the greenback for the near term as some begin to call for a correction in the price.
Technically, analysts at TD Securities explained that the short-term term patterns are choppy but there is still no getting around the fact that medium-term technical signals are bearish. "Big, bearish daily and weekly reversals formed last week around the rejection above 1.28. For that reason, we are strongly inclined–still—to see the broader risks here as being geared lower."