USD/CAD: Position Build-Up Makes The Pair Bearish
Akshat Singhal | Dec 21, 2013 03:52AM ET
The volumes have started thinning and trading will become less rewarding as we move towards the end of the year.
But, it seems like some good money can be made on USD/CAD pair. The pair is all set to retrace till 23.6% levels on Fibonacci. However a strong GDP number can open the gates for 1.0500.
Interesting to note is the last candle formed. The pair gave up all the gains and ended up in red and that too at day's low. This implies some fresh short postions building up which makes the pair bearish.
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