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USD/CAD meeting resistance at 200 DSMA

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USD / CAD has withdrawn after rising today to the 200-day moving average. Weak oil and mixed Canadian data have helped the currency weaken today. The area at 1.3300, however, turns out to be a "big bite" for the bulls, which at this stage give way. This level remains key to monitor today and whether the price will close above the 200 average. The base is still negative against the Canadian, given the continuing depreciation of oil. Closing above said resistance zone would give the Bulls a potential chance of attacking the area at 1.33542.

On the downside, if the Bulls fail and the Canadian regains strength, the 1.32898 area remains support. The price is still in a long-term uptrend, which was successfully tested several times in the middle of last month.


 Trader Martin Nikolov

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