USD/CAD — Look ahead for movement coming in at the start of the markets – Loonies flying north!

USD/CAD — End trading was at: 1.13265 and the minute chart show that on the last day of trading (Friday) the popular currency pair was hovering with support and resistance at 1.13200 and 1.13375 respectively.

 

Trading was for the most part of Nov 7th in the middle to lower section of the bands and often on the moving average.   This generally indicates a levelling or neutral stance.

Dedicated traders will plan and execute forward positions for the coming day. Looking at the hourly chart below we see that we could potentially see short on the pair coming in the next day.
Here is the hourly chart:

 

 

 

Towards the end of the 7th of November, we see a movement to cross the line between bullish and bearish stance.   We would generally follow through with a planned bearish position on the coming day.   Traders have an opportunity to pre-book positions and thus maximize profits.     Watching the tickers as the markets open will determine the correct or incorrect assumptions of the movement and investors can accordingly adjust positions.