We have been looking for a bottom in the US dollar against the Canadian dollar.
It is been difficult, but now it appears that the
technicals are turning. The chart from Bloomberg shows that the US dollar is moving above a
trend line down off the January 20 high just below CAD1.47. The prospects of bullish
movement of the pair may be will be helped by a expected positive employment
report next week
We see here
downtrend from the end of February and the mid of March. It
intersects today near CAD1.3200.
Now very important is
the level CAD 1.3400-CAD 1.3460.
Oil prices went down the same day the USD peaked against the Canadian
dollar. Oil prices put in a high on March 18, the same day the US
dollar put in its low against the Canadian dollar. We expect downtrend of the Oil prices.
Good post.
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDeleteThat's good to know, I'll keep it in mind.
ReplyDeleteThere's a shooting star candlestick on the daily time-frame, so it might start falling again.
ReplyDeleteGood assessment.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteWell done with the post.
ReplyDeleteVery good analysis, well explained.
ReplyDelete