The Canadian Dollar was the worst performing currency of last week, could that continue this week? And what does it mean for the price of USDCAD?
Watch the video to learn more…
The Canadian Dollar weakness highlighted by the strength and weakness chart could continue going into this week. The daily chart is currently showing the price of USDCAD in an uptrend and re-testing a previous high.
If the price was to form a bullish close at this level we could assume an impulse leg higher could form. If this does we should look for higher lows and higher highs on a lower time frame to confirm the buyers have re-entered the market.
The previous swing highs would be an ideal area for the market to retest as we saw it used as resistance recently.
The 4hr time frame is currently showing price forming a bullish engulfing pattern. This pattern tells us that buyers are entering the markets at these prices. If the market forms a higher high by closing above the resistance we could look for long opportunities on a higher low formation.
A higher low would form in an up trending market and should highlight a long position.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.