Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD — There is a position reversal in place with the popular currency pair. Looking at the daily:
We see the currency pair trading at 1.12767 and crossing the middle from the bollinger bands as well as the moving average. This is a classic position trend reversal. For further support of this theory we can note the bull power switching already to the bears. We could expect the Canadian dollar to keep gaining in strength to a possible level of 1.115. We encourage traders to take advantage of this popular currency. Canadians will be happy as they fly south for the winter to the US! For the investor, this is a great opportunity to potentially cash-in on a non-margin position. Looking at the 30 minute chart:
We can see in the above chart that although the position is clearly bearish, the range we could expect the position in today is likely between 1.13 and 1.126. As the bears gain power we could see the movement quicken pace. For the current time, investors might still see a slight wave and should plan accordingly.
