Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

I’m on my hands and knees, hoping and praying that we’re at a bottom on the USD/CAD pair. No – just kidding folks. I don’t throw any Hail Mary passes. But, I do like what I see on the daily chart for this pair. It is basing nicely, with MACD having punched up through its trigger line, and trending up at a nice angle – with good angle and separation between it and its trigger line. Am I calling a bottom yet? No! But, what I am suggesting is that you keep a close eye on this pair, just in case.

I read an interesting article recently quoting the Bank of Canada Governor Dodge, wherein he said the fundamentals to not support the loonie having risen so far so fast. And, it would appear as though that any notion of an interest rate hike has already been factored into price action. Translation: I personally can see upside potential for this pair in the near future. But, as Steve Nison would say, even monkies fall out of trees sometimes. Stay tuned for further news on this pair at: http://www.forexmentor.com/

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