With the Dollar Index (DXY) on the rise, USDCAD increased to its highest level in two weeks on Thursday, almost reaching $1.2630. Rising crude oil prices ahead of the weekend seems to be providing a boost to the commodity-related pair.
In the coming week, the price action will be a good indicator to what will happen next, as we are reaching an important trendline. If we breach it and consolidate above, we expect the pair to gain further bullish momentum and reach the resistance area. If not, we may witness a new fall that can break the low once more.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
In the coming week, the price action will be a good indicator to what will happen next, as we are reaching an important trendline. If we breach it and consolidate above, we expect the pair to gain further bullish momentum and reach the resistance area. If not, we may witness a new fall that can break the low once more.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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