USD/CAD – We saw a decent squeeze of the intraday low – a little under the 200-day MA at 1.1849 today – but the USD struggled to extend gains through the mid 1.19s and has slumped back rather heavily (the hourly pattern is actually looking quite negative here). We remain of the view that the underlying trend here remains firmly lower below 1.1990/1.20. The 200-day MA may hold up the market for a while and if the market continues to stall in the low/mid 1.18s early next week, we may get a little more concerned about a correction higher; ditto for a quick push back above the 1.1990 area. Overall, however, short term trend momentum remains firmly entrenched on the downside for the USD, suggesting only limited scope for any USD improvement, while the longer term price patterns (after the huge sell off in April) are also turning more obviously negative for the USD. We continue to target a test of the 1.1764 level as the minimum downside objective.
Trading Idea: sell rallies.
USDCAD Technical Outlook
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Linear Mode
