Canadian Dollar Forecasts Downgraded at CBA but USD/CAD, GBP/CAD are Still Expected to Fall
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Technically the Bears are ready to pounce on this currency. In the short term it is likely that the market will test the neck line of the Head and Shoulders pattern that has emerged. A failure here should help add to the negative outlook as the Bears make a play for the 1. Do not take a slide down to this level lightly. A failure here is most likely forex news usd cad to build.
Fundamentals are always a piece of forex news usd cad puzzle, but currently those variables are mixed. Right now it is time forex news usd cad focus on the technical part of the trade. So where is the relief? A rally above 1. A surge through this Resistance level would put the Bears on hold as the Bulls try to reverse gears.
If the market returns to this forex news usd cad volatility is likely to become a factor. Expect some swings as the Bears lose control and the Bulls recapture strength.
Do not take a reversal here lightly. Momentum will most likely build here with strength to buckle Resistance levels. Pay attention to the news, and any fundamentals that may come into play. This is most likely because the fundamentals are neutralizing each other, and this leaves forex news usd cad for traders to work with.
The technical variables, on the other hand, leave traders with tradable scenarios. Theodore Kekstadt is the Founder and President of Forex Trading Unlocked and a veteran trader of futures, forex, and equities. By he was providing market analysis for an institutional research firm.
In he decided to focus on trading and providing analysis to floor traders. For 21st Century Online Traders. The information contained above may have been prepared by independent third parties contracted by Nadex. In addition to the disclaimer below, the material on this page is for informational and educational purposes only and should not be considered an offer or solicitation to buy or sell any financial instrument on Nadex forex news usd cad elsewhere.
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