USDCAD Update: Testing 50 day SMA

[RTFX-Trading]

USDCAD Update: Testing 50 day SMA

USDCAD broke resistance at the top of a falling trend line on the 26th of October. Since then it has retraced its gains back to this boundary only to find support and bounce off this line. The pair is now re-testing the 50 day SMA, today at 1.0619, and a close above could see the price move further up to test the 100 day SMA (today at 1.0815) which has so far not been put into jeopardy since the pair failed to close above it in mid April 2009. The formidable bullish engulfing pattern seen on the 21th of November also confirms this bullish view; however a close below the same day’s low at 1.0417, will negate this bullish conviction, and may see the pair fall towards 2009 low at 1.0207.



Emman Xuereb
RTFX Ltd
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