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USD/CAD is recovering

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Last week, USD/CAD held above the strong daily support level. The Canadian dollar weakened as the nation’s Prime Minister Justin Trudeau said that he "will not sign a bad NAFTA deal". In addition, the US Dollar index also corrected up from the lowest level of 93.39 and rose to 93.84.

From a technical perspective, on the daily timeframe there is a bullish harami pattern, and the stochastic indicator had entered oversold area and started crossing upwards. Both indications point at a great opportunity for USD/CAD to move up.

USDCADDaily 24 sept.png

USD/CAD will target the daily resistance level at 1.2990. The strong support level is located at 1.2890.

Reza Aswin

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