Hi there traders this is Steve Miley for forextraders.com and here we’re looking at the US dollar versus Canadian dollar spot FX rate.
Well a plunge lower back on Friday after the Canadian employment report in here sending the US dollar plunging lower verses the Canadian dollar down through the supports in here at 1.3201 and 1.3200 and also to probe down below this up-trend line that comes from July.
All of that setting up a more negative tone, reinforcing the negative theme we’ve had whilst we’ve been capped below this 1.3382/83 level. We did get a slight rebound in here on Monday, but whilst capped below resistances in the 1.3248/50 area, we see downside pressures back towards 1.3166 and maybe below there going into today.
Only through 1.3248/50 on the upside will open risks back up towards this 1.3294 level.
This has been Steve Miley for forextraders.com.
Don’t forget to follow us on our YouTube channel.
Have a great trading day.
Forextraders' Broker of the Month
BlackBull Markets is a reliable and well-respected trading platform that provides its customers with high-quality access to a wide range of asset groups. The broker is headquartered in New Zealand which explains why it has flown under the radar for a few years but it is a great broker that is now building a global following. The BlackBull Markets site is intuitive and easy to use, making it an ideal choice for beginners.