USD/CAD BREAK AND RETEST

٣ يناير ٢٠١٧

USDCAD

The rate has broken the 2016 falling trendline and is now testing it as the new support. As it has formed a hammer at the former resistance and we are still trading within the rising channel I am more bullish here as long as we are trading above the former trendline.

The immediate attention should be turned to the 1.3575 level as the rate seems to have found a strong resistance there. A break back below the trendline would invalidate my immediate bullish bias, however, only a break below 1.3100 would turn me bearish on the pair.

We also have to monitor the Oil prices which has just broken the major 51.50 level and continued strength there may build a momentum for the loonie, dragging the USD/CAD down.

٤ يناير ٢٠١٧

ملاحظة

The rate has been pushed below the the trendline - looking to go long from the channel support