USDCAD: Fall May Have Ended But No Base Found
TFx GANN | Mar 19, 2017 04:33AM ET
USDCAD has stopped falling but the lack of a significant rebound in the USD so far provides no real confidence that the market has found a base—even though the 50% Fib retracement support is a natural enough spot for funds to steady. Short-term price patterns suggest downside risks remain fairly high at this point, with the 1.3350 level capping minor gains through the overnight market.
Trend momentum is slack on the short-term study, however, suggesting that the USD may continue to range trade near-term—but price still risks retesting Thursday’s low at 1.3275/80 at least. The Feb/Mar bull run up in the USD has clearly been checked but broader signals are not—yet—signaling that a trend reversal is developing. We may remain broadly range bound over the next few weeks.
For day traders on Monday's open USDCAD has high degree of break down finding base 1.32382
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