Technical Talk:USD/CAD 27-09-2019

USD/CAD edges lower to mid-1.3200s, remains well within a multi-day old trading range Our preference: short positions below 1.3280 with targets at 1.3240 & 1.3230 in extension.Alternative scenario: above 1.3280 look for further upside with 1.3290 & 1.3305 as targets

Comment:
A goodish pickup in the US bond yields underpinned the USD, though failed to provide any impetus.Bulls also shrugged off a mildly softer tone around Oil prices, which tend to undermine Loonie demand.
Market participants now look forward to key US macroeconomic releases for some short-term impetus.The USD/CAD pair extended its sideways consolidative price action on Friday and remained confined in a broader
trading range held over the past one week or so.

Despite the prevalent bullish sentiment surrounding the US Dollar, backed by a goodish pickup in the US Treasury bond yields,
the pair continued with its struggle to attract any meaningful buying interest and remained well below the very important
200-day DMA barrier near the 1.3300 round-figure mark.

Leave a Reply

Your email address will not be published. Required fields are marked *