USDCAD Increase slightly in Forex market
1/17/2018 2:40:28 PM
The USDCAD pair increased some progressive traction on Wednesday, although appeared missing strong follow over momentum beyond the 1.2445-56 area.
The pair keeps on to find modest support around the 1.2407 handle and refreshing dollar request provided an extra improvement on Wednesday.
A constant move beyond 1.2453 level is probable to cause a short-covering rebound towards reclaiming the key 1.2505 psychological mark on the way 1.2547 horizontal persistence and 120-day EMA barrier near the 1.2586-94 area.
On the other hand, the 1.2407 handle might keep on to act as immediate support, which if broken conclusively is probable to speed up the reduction back towards 1.2357 level before the pair finally drops to 1.2305-1.2288 strong horizontal support.
FOREX market analysis by FxErvin.