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Currency analyst

USD/CAD: loonie is gathering strength

There's consolidation on the daily USD/CAD chart. This may be seen from the mixed dynamics of MACD and the frequent intersections of the moving averages (EMA26 and EMA9). ADX is below 25 since the beginning of May. This signals that the consolidation has been too long and one should use breakthrough strategies.

On H1 the sellers are gradually seizing the initiative, although it's too early to say that the consolidation is over. ADX is still below 25. If the break of support at 1,2865 leads the indicator above 25, it will be a sell signal.

 

Recommendation: SELL 1,2865, SL 1,3015 TP1 1,2715, TP2 1,2565

 

CAD
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