Getting Ready to Buy USD/CAD Again as the 50 SMA Approaches - Forex News by Strategia Forex
The 50 SMA is catching up with USD/CAD

Getting Ready to Buy USD/CAD Again as the 50 SMA Approaches

Posted Thursday, October 10, 2019 by
Skerdian Meta • 1 min read

USD/CAD has offered three great trading opportunities this week. This pair has been trading in a range and it has formed a strong support area below 1.33. Yesterday, we opened a buy forex signal on this pair just above 1.33 and booked profit as it bounced higher off the 100 SMA on the H1 chart.

Today, the situation is repeating again. The price has turned bearish during the Asian session and so far in the European session. The rumours regarding a possible trade deal between US and China, even though it might be partial, have improved the risk sentiment in financial markets and Commodity Dollars have been gaining.

As a result, USD/CAD has declined, but it is back at this support zone now. Sellers are having difficulty pushing lower now, judging by the price action. So, the support zone is working still.

Besides that, the 50 SMA (yellow) is approaching and stands a few pips below 1.33. This moving average should add some more strength to the support zone, so we are getting ready to go long again on USD/CAD.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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