Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD (1.2492)
- Trade Strategy: Stand Aside/Flat
The USD/CAD is consolidating in a narrow trade pattern as the US Dollar has formed a top just below the key 1.28 pivot. Please see the below daily MT 4 chart and note the bearish Dark Cloud Cover that broke 10 weeks of gains.
Note near term support is at 1.2419. A daily close below this level will challenge the technical support at 1.1284. Near term resistance is lining up at 1.2799. This is virtually at the key pivot of 1.28. Also note this is at the January swing high. A break above this level will challenge 1.2805.
Fundamentally, the dominant trend for the Canadian Dollar is bearish. The USD/CAD should resume its uptrend. As such, I will treat any losses as a correction and opportunity to place a long USD trade. For now, my strategy is flat till a more actionable trade opportunity presents itself.
