CAD is the second weakest currency for the day after AUD.
In case you need another reminder, today is the start of the sixth round of NAFTA talks.
While the dollar is among the leaders of the day, CAD lags behind. What does this mean for USD / CAD.
USD / CAD traded to the top of 1.2491, but now fell back to 1.2472. On a daily chart there is a Fibonacci 50.0 at a price of 1.2490 and this acts as a resistance to buyers. Additionally, the price is close to 1.2500.
Since last week, the pair has traded in the range of 1.2400 - 1.2500 after the Bank of Canada raised interest rates while expecting more NAFTA news that will determine the short-term trend. The current round of talks will last until January 29th, so there will be a lot of trading based on rumors and information (or lack of a tray).
Until a new catalyst emerges, the price range remains valid for buyers and sellers. However, the bulls are in control after the pair has broke 50 EMAs again - after finding a 100-hour support for 1 hour:
Jr Trader Alexander Kumanov
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