![]() ![]() The US dollar itself has been getting beaten up for a while, so it probably is due to see a little bit of a recovery. The market will continue to hear a lot of noise in general, and will continue to pay close attention to the crude oil market. At this point, a move down there will probably take a while to make its target, but it certainly seems to be where we are heading currently. ![]() To the downside, if we were to break down below the lows of the week, then it is likely that the US dollar will fall towards the 1.20 handle. ![]() The 1.25 level I believe ends up being a massive resistance barrier, especially as the 50-day EMA is starting to reach towards it. That being said, the market can go straight up or down forever, so it makes sense that you can take advantage of this little bit of a bounce, and then perhaps get a better price on the Canadian dollar by selling at a higher level. Heavy swings in the dollar make highly profitable trades ![]()
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