The CAD has Pulled Back: Buying Opportunity Looms

Yesterday I wrote about how the 1.2700 looked like a great chance to be a buyer in the CAD. Sure enough, we have now pulled back and hit th

Written by: Rowan Crosby • Friday, November 10, 2017 • 1 min read

• Last updated: Friday, November 10, 2017

Yesterday I wrote about how the 1.2700 looked like a great chance to be a buyer in the CAD. Sure enough, we have now pulled back and hit that level. I feel that this type of move represents a high probability of a bounce, so I think a buy at this level is certainly warranted.

This has the potential to move higher over the next month and I will be monitoring it as we go along. And let’s not forget the USD is anticipating a rate hike in December which will add some more upside to the USD – if, in fact, that happens.

1.2700 is the 20-EMA, a significant support level and also a round number. When we get multiple factors lining up, that only improves the chances of a rebound. I’ll be keeping tabs on this one closely.

CAD

USD/CAD – Daily Chart.

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ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.