USDCAD outlook
Now that the new trade pact agreement has been worked out "USMCA", between USA, Canada and Mexico we could see investment money flowing back into Canada. The resource sector has been beaten up pretty badly and on the currency side, the US dollar has had a pretty good run.
Technically, we can see on the right side one week chart that the pair has formed two large rising channels the first of which broke down and now onto the second rising channel it seems to be close to the top of the larger wedge formation and has more recently sent off a fractal pattern of a smaller rising channel that we can see more clearly on the left side one day chart.
I suspect we will see some selling soon but for now the bulls and I mean mainly retail investors are pushing hard to break through and close above 97 on the dollar index. Commercial hedge funds however are mostly on the short side so I would have to lean more towards their inclination and would expect a reversal to the downside relatively soon, but this US dollar has surprised me with it's resilience so we could be hanging out at the top for a bit yet. If you look at the monthly chart there is some indication of a doji star candle forming for November and that too could be a telling signal.
I have given an indication of a target price movement (red, green arrows) to the 115 area but this is just an idea.
Technically, we can see on the right side one week chart that the pair has formed two large rising channels the first of which broke down and now onto the second rising channel it seems to be close to the top of the larger wedge formation and has more recently sent off a fractal pattern of a smaller rising channel that we can see more clearly on the left side one day chart.
I suspect we will see some selling soon but for now the bulls and I mean mainly retail investors are pushing hard to break through and close above 97 on the dollar index. Commercial hedge funds however are mostly on the short side so I would have to lean more towards their inclination and would expect a reversal to the downside relatively soon, but this US dollar has surprised me with it's resilience so we could be hanging out at the top for a bit yet. If you look at the monthly chart there is some indication of a doji star candle forming for November and that too could be a telling signal.
I have given an indication of a target price movement (red, green arrows) to the 115 area but this is just an idea.
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