Forex Trading Alert: USD/CAD – Short-term Consequences of Long-term Resistance

Posted by Nadia Simmons - Sunshine Profits

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Forex Trading Alert originally sent to subscribers on December 15, 2015, 11:26 AM.

Although the U.S. Commerce Department showed that consumer prices were unchanged from a month earlier, year-over-year consumer prices increased by 0.5%, beating expectations for a 0.4% gain. Additionally, core CPI (without food and energy costs) increased by 0.2%, meeting expectations and supporting the greenback. As a result, the U.S. dollar moved higher against its Canadian counterpart, but will we see further rally?

In our opinion the following forex trading positions are justified – summary: 



Looking at the weekly chart, we see that EUR/USD came back above the barrier of 1.1000 and the green line based on the Mar and Apr lows, but the orange resistance zone and the long-term red declining resistance line continue to keep gains in check.

Having said that, let’s examine the daily chart… more HERE