2019 August, 26, 05:10:44 PM

Could The Canadian Dollar Reverse Trend?

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By Dailyfx.com

CANADIAN DOLLAR PRICE CHART OUTLOOK HINTS AT LOONIE UPSIDE

  • USDCAD technicals could be pointing to a reversal lower if the currency pair’s prevailing uptrend fails to hold.
  • The Canadian Dollar seems oversold and has the potential to rebound.
  • Interested in becoming a currency trader? Check out this free Forex for Beginners educational guide.

 

Spot USDCAD has been in a steady uptrend since mid-July, but recent bullish progression could be coming under pressure. The Canadian Dollar has edged lower against its USD counterpart in an apparent retracement of June’s sizable slide to the downside, but price action seems to be showing signs of losing steam. The recovery in spot USDCAD off its July low was initially thwarted around the 1.3355 area as prices approached the 61.8% Fibonacci retracement level of its last bearish leg recorded throughout June. Read Full Story on Dailyfx.com

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