USD/CAD at the Crossroads

[Dan Blystone]

Looking at USD/CAD, we can see a major bullish SMA crossover on the daily (50 SMA crossing 200 SMA). Price is trading within a major symmetrical triangle, and the minor symmetrical triangle within it provides near resistance to the upside. Momentum reflected in RSI remains on the gate, modestly bullish (around 50 and flatish) Further selling and confirmation of a top in crude will put further pressure on the CAD and bolster the case for a major bullish trend change in USD/CAD.

Thanks for pointing it out. I was considering investing some money into forex but wasn't sure if I should go for USD/GBP or USD/CAD.

[Dan Blystone]

I'm bearish on the USD medium term across the board