USD/CAD – Heading For a Correction? | Forex Factory

  • USD/CAD – Heading For a Correction?

    From marketpulse.com

    The dollar has been in a long term downtrend against the loonie but that may be about to change. The greenback came back into favour on Friday after a period of softness which saw it fall to its lowest level against its Canadian counterpart for around three years. Rising oil prices can often be supportive for the Canadian dollar and likely contributed to its success over the last four months. But with the oil rally running on fumes ahead of the OPEC+ meeting, that may be about to change. chart A break above here would be a bullish signal and could set the pair up for a run at 1.30, which would be a big test. A ... (full story)

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NotAtrader
Feb 27, 2021 2:13am
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If USDCAD is about to make a correction and EURUSD is heading down below 1.20xx then this will impact the currencies relation within the basket which will initiate risk off and all major currencies losing against the US dollar.

Just my humble opinion.
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thelordpip
Feb 27, 2021 5:55am
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If one checks the weekly charts they will see USD and other safe havens like JPY is a buy for next week. risk on currencies like NZD, AUD have a selling bias according to weekly charts. USDCAD wll probably head higher but my pick is shorting NZDUSD.
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samdani786
Feb 27, 2021 7:16pm
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USD-CAD monthly.
Attached Image (click to enlarge)
Click to Enlarge Name: UC monthly 01-10-21.png Size: 100 KB
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