USDCAD1.3330 Target Achieved, New Pattern Emerging
Technical & Trade View
USDCAD
1.3330 Target Achieved, New Pattern Emerging
Bias: Bullish Above Bearish below 1.3410
1.3330 Target Achieved, New Pattern Emerging
Technicals
Primary resistance is at 1.3410
Primary pattern objective is 1.3165
Acceptance below 1.3230 next pattern confirmation
Acceptance above 1.3430 opens a test of 1.35
20 Day VWAP bearish , 5 Day VWAP bearish
Notes
According to Scotia Bank 'positioning (among speculative, leveraged accounts and real money investors) could help propel the CAD higher. Combined CFTC positioning data shows a relatively large net CAD short has been maintained among these market participants in recent weeks and the CAD’s rebound risks forcing these accounts to cover, adding further fuel to the CAD rebound’
USDCAD
1.3330 Target Achieved, New Pattern Emerging
Bias: Bullish Above Bearish below 1.3410
1.3330 Target Achieved, New Pattern Emerging
Technicals
Primary resistance is at 1.3410
Primary pattern objective is 1.3165
Acceptance below 1.3230 next pattern confirmation
Acceptance above 1.3430 opens a test of 1.35
20 Day VWAP bearish , 5 Day VWAP bearish
Notes
According to Scotia Bank 'positioning (among speculative, leveraged accounts and real money investors) could help propel the CAD higher. Combined CFTC positioning data shows a relatively large net CAD short has been maintained among these market participants in recent weeks and the CAD’s rebound risks forcing these accounts to cover, adding further fuel to the CAD rebound’
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