USDCAD Respecting Resistance
Date
2/23/2016 4:22:19 PM
(MENAFN- DailyFX) I've been short USD/CAD since the 16th and been writing a lot about the crude oil / USD/CAD dynamic in recent weeks at SB Trade Desk (our stop is a little better than breakeven at this point and the target is open for now). Simply USD/CAD behavior has changed as evidenced by lower highs and lows over the last month. I have no control over whether the downtrend resumes but continued failure near late Dec lows (which is also the 2016 year open) and a working down-slope indicate bearish potential.
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