$USDCAD Technical Perspective May Be Dangerous Short Term
Suddenly the USD/CAD is flirting with prices not seen since the first week of July in a sustained manner. Yesterday’s approximate low of 1.28550 touched values not seen since the 5of July. Short term traders, who are technically inclined, suddenly have a reason to consider downside momentum as a serious possibility. However wagering against the established long term bullish trajectory of the USD/CAD currency pair could prove extremely dangerous.
Some experienced traders who have been participating in the upside track of the USD/CAD may believe that a ‘trap’ is being set and that the lower move of the currency pair will start to reverse higher. While this is quite possible, the USD/CAD may also be displaying signs that the bullish trend may be starting to loss power.
Volatility could prove dangerous if a strong reversal starts to prove resistance is weak and the USD/CAD bullish trend is sparked again.If current support levels start to falter and the USD/CAD breaks below yesterday’s lows and begins to earnestly sustain lower values, and flirt with the 1.28390 ratio, this would be an indicator behavioral sentiment may be shifting. However, reversals lower within the long term bullish trend of the USD/CAD have been seen before and proven false hopes.
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