USD Slams into Resistance Against CAD Get our analysis for $USDCAD here:
That being said, the market is likely to continue to see a lot of noisy behavior, and I do think that it is probably only a matter of time before we have to decide whether or not the US dollar continues to appreciate, despite the fact that we have seen themarkets take off. This is very interesting to see just how much the market has ignored oil, and it is likely that we will continue to see a lot of bullish pressure. If we were to break out above the 1.128 level, that could be a huge deal.
If we break to the downside and clear the 200 day EMA, it is possible that it could be due to the market finally drawing the correlation betweenand oil, so that could open up a move down to the 1.25 handle. Either way, this market will continue to be choppy in general, because that is what it typically does: chop around. Both of these economies are tied together quite tightly, so it makes sense that we would see more noise ahead.
Keep your position size reasonable, but pay close attention to that 1.28 handle and whether or not we can break above there.
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