Forex: USD/CAD falls to 7-week lows at 0.9855
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USD/CAD
FXstreet.com (San Francisco) - The Dollar is trading its sixth negative day in row and after falling around 100 pips since the 0.9950, December 4 high), the pair has reached today fresh lowest level since November 19 at 0.9855.
On the day, the pair is currently trading little bit lower at 0.9860. Early in the session, the USD&CAD attempted to trade bullish from 0.9860 but the pair was rejected at 0.9875/80 zone and the pair returned to previous levels. According to the Fxstreet.com Forex Studies, the CCI and Momentum indicators signals sell opportunities in the 1-hour time frame. While in the 15-minutes chart, the MACD join the sell situation.
The bearish Engulfing is just under the pivot point in USDCAD Hourly charts, "a moderate bearish pattern below a strong resistance," comments FX Instructor analyst Mark De La Paz. "Given proximity to 0.9871, we can consider shorts under the said price with stops placed above the Pivot Point for a low risk-high reward trade."
On the day, the pair is currently trading little bit lower at 0.9860. Early in the session, the USD&CAD attempted to trade bullish from 0.9860 but the pair was rejected at 0.9875/80 zone and the pair returned to previous levels. According to the Fxstreet.com Forex Studies, the CCI and Momentum indicators signals sell opportunities in the 1-hour time frame. While in the 15-minutes chart, the MACD join the sell situation.
The bearish Engulfing is just under the pivot point in USDCAD Hourly charts, "a moderate bearish pattern below a strong resistance," comments FX Instructor analyst Mark De La Paz. "Given proximity to 0.9871, we can consider shorts under the said price with stops placed above the Pivot Point for a low risk-high reward trade."
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