Forex Marketz Daily Forex News – Fully Markets Update
The US Dollar has risen to a fresh six week high against the Canadian Dollar. The USD/CAD Forex market has not hit a six week high below the 1.25 pivot, and looking at the positive RSI, the buyers still have some energy in them.
Let’s look at the technical analysis for today. Near term technical resistance is lining up at 1.2488. A daily close above this level will challenge the technical resistance at 1.2620. Looking at the alternative view, should the USD/CAD move lower, there is technical support at 1.2380 with a break below this level challenging the technical support at 1.2140.
Taking a look at today’s trading strategy. The USD/CAD is trading too close to a technical resistance level. This means entering a long USD trade is premature as timing is off from a risk to reward perspective. There are no reversal signals as well. This means taking up a long CAD, or short USD trade is also not warranted at this time. Thanks to this, I will opt to stand aside and wait for a better trading opportunity to come along.