Here we have USD/CAD on the Daily Chart!
Down on the 4Hr Chart, Price is Bouncing-Up off of the Rising Trendline I have on the chart but with each bounce, buyers seem to be losing strength!
Zoom out to the Daily Chart, it looks like UCAD is in a bigger scale Consolidation with price right in the Middle Road!
My bias on this pair is Bearish given that we are seeing a Slight Divergence in the RSI with our Peaks falling lower and our Dips dropping further pushing a Bearish Narrative.
Oil has been on the rise and that also has me siding with CAD seeing as how Canada is the 4th Largest Producer of oil globally and if prices of Oil keep rising, we can expect UCAD to keep moving lower!
If we can get a Valid Break and Close of this Rising Trendline, I believe we will see price break down through the Local Support to test the Lower Support Level.
Fundamentally this week:
USD - CPI (Tue) Retail Sales, Unemployment, Empire State Manu. Index (Thu), PPI (Fri)
CAD - Clear
Down on the 4Hr Chart, Price is Bouncing-Up off of the Rising Trendline I have on the chart but with each bounce, buyers seem to be losing strength!
Zoom out to the Daily Chart, it looks like UCAD is in a bigger scale Consolidation with price right in the Middle Road!
My bias on this pair is Bearish given that we are seeing a Slight Divergence in the RSI with our Peaks falling lower and our Dips dropping further pushing a Bearish Narrative.
Oil has been on the rise and that also has me siding with CAD seeing as how Canada is the 4th Largest Producer of oil globally and if prices of Oil keep rising, we can expect UCAD to keep moving lower!
If we can get a Valid Break and Close of this Rising Trendline, I believe we will see price break down through the Local Support to test the Lower Support Level.
Fundamentally this week:
USD - CPI (Tue) Retail Sales, Unemployment, Empire State Manu. Index (Thu), PPI (Fri)
CAD - Clear
Technically speaking, Price is still playing within this Ascending Triangle showing Bulls putting pressure on the overhead local Resistance Zone!