(1,0264) The USD/CAD confirmed a nice sell off that we were waiting for since long; the closing was however not below the key level at 1,0260 despite a test of the 55 ma line at 1,0203!! While the neck line of the S_H_S formation at 1,0275 we expect further weakness suggesting at least a retest of the yesterday low. The indicators of the daily chart turned already below the line and also those of the s/t ones are negative supporting lower levels. In the s/t only an hourly closing above 1,0290 will postpone further weakness favouring a return toward the 200 hours line, now found at 1,0339!! We missed to buy yesterday’s drop and are therefore still short. We put a stop at 1,0305 while waiting for a possible drop below 1,02. The S_H_S formation is suggesting a target at 1,0095!!!!
Read the full report: USDCAD 06.07
Future Trend