By Admiral Markets
Following Trump’s Presidential victory the USD has continued from strength to strength as US Treasury Yields have increased in the past month. It appears that profit taking is occurring on the USD at present. CAD has bounced following an Oil price bounce following conjecture that OPEC will cut oil production in next week’s meeting.
Technically USD/CAD is ranging between L3 H3 pivots, strictly defined with camarilla so we need to pay attention to possible breakouts. We see 2 X cross. Above 1.3505 we could see 1.3525 and 1.3550. Below 1.3452, 1.3420 is possible. Friday is a profit taking day so we might see a breakout.
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Article by Admiral Markets
Source: USD/CAD Range play with a chance of breakout
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