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My View On The USD/CAD Today

Published 09/21/2015, 08:34 AM
Updated 07/09/2023, 06:31 AM

We had quite a roller coaster ride last week in the USD/CAD with another rejection at 1.3320 and a push lower towards 1.30 soon after the announcement by the FED regarding the funds rate being held the same and postponing a rate hike. Technically the USD/CAD has reached the top boundary of the Daily Ichimoku cloud support as shown in the chart below.

USD/CAD Daily Chart

Chart 4

USD/CAD reached the Ichimoku cloud in the 4 hour chart as show below and we get some rejection signals. A rejection here could push price back towards the 38% or 61.8% Fibonacci retracement and that is why I took the decision to close my long position early today.

USD/CAD 4 Hourly Chart

Position was closed at 1.3193. I will be looking to go long again if price pulls back towards the 61.8% Fibonacci retracement or if price manages to break above the blue downward sloping trend line resistance that was the cause for so many price rejections and bearish reversals.

Chart 4

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