USDCAD Technical Analysis – 7 January
Price is currently inclining toward the trendline bolster that has kept the upwards energy on track for USDCAD pair since October. A break underneath that will be a genuine hit to buyers’ certainty and conviction and will open up a move towards testing 1.3325 and after that support from 1.3295.
The dollar is experiencing a difficult period, so I suppose the above-mentioned technical level is related to the fact that buyers place a resistance at that level.
Oil has risen by 1.8% a day, so it will continue to push down the pair together with the weakness of the dollar after the Fed chairman Powell’s comments on Friday. We should check whether buyers can figure out how to tear the upside energy and open up an all-encompassing reach for the pair in the upcoming session.