USD/CAD - Supported by key Average and Marabuzo line
|
Friday’s downside failure at a daily Marabuzo line left the immediate outlook for this week unclear. That situation has yet to be clearly resolved but Friday’s net losses were regained after buyers were again seen near that Marabuzo line (Dec 5th) and the 13 day mvg avg. Until/unless last week's top is breached signals for sentiment cannot be strong but a close near the highs ensures that our technical studies have a positive bias. So, this morning’s call is Bullish from the open but leaving room to also buy a 1.3363 dip, yesterday's Marabuzo line. The risk is 1.3328, this week's open, with upside targets of 1.3427, 1.3445, last week's top, or even 1.3483.
Average/Marabuzo Line Support
Lows Not Held
USDCAD Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.