Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD – (1.1284) is continuing its bearish path to help the winter travellers to the US. Looking at the hourly chart:
We can see a support as high as 1.131 and a resistance as low as 1.11. This is a large gap for a conservative currency and can be explained by the significant drop in the currency paid on Friday. As we have mentioned in the past, the Loonie tends to grow in strength towards the end of the calendar year on or around Black Friday. While the currency pair fell on Friday significantly from 1.13 to 1.11, the opening today shows a slight recovery. Investors should be cautious to think this is a bullish pattern emerging. Instead, they should plan for more bearish path, and watch as the charts likely show this in the coming hours. Looking at the hourly chart:
Here the bearish pattern is slightly more apparent. The moving average is clearly down and the bullish power is clearly all on the bearish side.
