USD/CAD Daily View [last 1.3508]: Time for a rest?

Posted by Jack Crooks - Black Swan Forex

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The Canadian dollar has recovered nicely against the US dollar. It continues to move in line with yield spread which is moving now back in favor of Canada. But is it time for a rest before continuing on this path? If we look at the retracement of Wave V into the high, 1.3541 represents a 61.8% retracement; with swing high support coming in at 1.3455. So, not a bad place for some consolidation, recovery, before lower; scope back to 1.4000-level shown as wave 2…that being said, we are getting some risk on again today and oil prices are moving higher…so not something we want to get in front of just yet…next key support level daily basis comes in at 1.3227… 

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Jack Crooks
Black Swan Capital

Black Swan Capital’s Black Swan Forex is strictly an informational publication and does not provide personalized or individualized investment or trading advice. Commodity futures and forex trading involves substantial risk of loss and may not be suitable for you. The money you allocate to futures or forex trading should be money that you can afford to lose.