WEEKLY SPOT USDCAD - technicals analysis signals
THE bulk of last week's trading saw USDCAD fluctuate around the 13 day mvg avg as, for a 2nd successive week there was limited direction for sentiment. But Friday’s powerful gains renewed the underlying positive tone for the currency pair – creating a 5th up week from the last 6 and clearly moving back above the 13 day mvg avg. Overbought extremes are a concern but currently we expected profit taking setbacks to find fresh demand. In view of this, our call for this week is a Buy from the open but leaving room to also Buy any Dip to 1.2554, Friday’s Marabuzo line. The risk is 1.2433, the 2 week low, with an immediate target of 1.2698. A move through that point then exposes sentiment to 1.2779, August’s top, or even towards a projected 1.2844.
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