$USDCAD is continuing to drift lower. Find out why: FOREX TRADING MONEY STRATEGY
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We are being squeezed between the 50-Day EMA and the 200-Day EMA indicators, so that can quite often because a bit of noisy behavior as well.has drifted a little bit lower during the trading session on Friday, as the Canadian dollar continues to show strength. At this point, it looks as if the market is trying to do everything it can to reach the 200-Day EMA, which of course is a significantly impressive technical indicator that a lot of people will pay close attention to.
At this point, the market looks as if it’s going to at least try that area, and if it breaks down below there it would break support from the previous low near the 1.3250 level. In that scenario, we could go down to the 1.30 level given enough time.This will be especially true if the oil market suddenly takes off, or if Jerome Powell is somewhat dovish during the speech on Wednesday.
I expect a lot of noisy behavior over the next couple of days so you will have to be very cautious about what you do, but I do think more of a sideways with a slight tilt lower type of market is what we are looking at between now and the FOMC statement. If we were to turn around and break above the 1.35 level, that would be a very bullish sign and could negate this run lower.
We are being squeezed between the 50-Day EMA and the 200-Day EMA indicators, so that can quite often because a bit of noisy behavior as well. Because of this, I would look for some type of impulsive daily candlestick to follow to get aggressive in any sense whatsoever. This pair does tend to be very choppy as there is so much cross-border commerce anyway, so clarity is the one thing that you will be looking for in the next couple of days.
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