The US Dollar moved back and forth against the Canadian Dollar during the trading session on Friday.
The pair have tried to stop the bleeding that we witnessed recently. after all, The USD has been influenced by a few different currencies, but it looks like the CAD may be the first to slow down. One way or another, Canada has many problems of its own and, of course, it is the United States’ number one trading partner.
If we break above the candle, It is possible that we may head towards the 1.35 level, which is a large, round, psychologically important number, and an area we have seen a lot of action in before. If we break below the bottom of the candle, we are likely to go down to the 200 day EMA which sits just above the 1.32 level and continues to trend higher.
In any case, It looks like we are about to get noisy, especially with the Canadian Dollar heavily leveraged in the oil market, which is approaching a massive resistance barrier. If there is a breakout in the oil market, it should, in theory at least, push it even below the 1.32 level. Check the amount of the USD/CAD pair today.
The way I see the Forex market:
- We are in a situation where there will be a lot of noise, but it is nothing new in this market that there is a lot of currency trading going on between the two countries.
- Anyone who has visited the Peace Bridge in Buffalo, New York will tell you that there are a lot of trucks crossing the border at any given time. In other words, many of the currency moves you see are done out of necessity, not mere speculation.
- As such, trading this market is always a bit more hectic than many other markets. Even then, we are getting to a point where you can start to see some support And I think Canada has a lot of problems right now besides oil.
Inflation numbers are very high in Canada and the real estate bubble is definitely bursting.
Something that could save the Canadian dollar would be crude oil, but for that we need to see it really take off.
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