USD / CAD technical outlook
- USD / CAD trading at the low price of 2017 at 12061
- Close pricing monitoring
- The main levels and lines to look at
Canadian dollar technical forecast: USD / CAD distribution at a high level
The next level is 12061 to see if the USD / CAD can find a meaningful long-term level. At the moment, it looks like nothing can be put on the floor, but that can change very quickly. We have seen lower levels of USD / CAD in the past and seemingly no floor to see the price turn sharply. So we have to be toes.
A one-day big turnaround can do the trick to bring in the current slump, but instead of predicting, reacting is the tactical key here.
For those who may have shorts from higher levels, using some type of kickback strategy would be a sensible way to protect profits. But again, until we see some sudden turnaround or bottom-up process, the sellers are still responsible.
That being said, fresh shorts don’t have much attractiveness from a risk / reward point of view without first seeing any corrective pricing behavior. The tall have no complaints at the moment. However, if we are to see a reaction around significant support, this outlook could quickly change for those who want to play the opposite trend.
Should we see an imminent setback, keep an eye on both the low of 2018 and the slope of June 2020, which has been connecting with the many lows since then. If 2017 is broken, the next support level will reach a significant low, which was in 2015 at 11919.
USD / CAD daily chart (see price range around 2017 lows)
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