USDCAD – Corrective Pullback Into 20 EMA | Nov 10

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Onto the commentary…

USDCAD – Corrective Pullback Into 20 EMA (4hr chart)

After the explosive run up since NFP, the USDCAD has formed a corrective pullback which has just tagged the 20 EMA. I’m staying bullish while above the NFP breakout level around 1.3175 and 1.3145 on a daily closing basis.

I’m expecting the CAD to weaken vs. many currencies, including the USD near term so am staying bullish on a MT basis. Upside besides 1.3315 being a target, then next one would be 1.3445 which is the yearly high.

usdcad price action context

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