Selling the Retrace in USD/CAD Again, As Oil Keeps Marching Higher

[[USD/CAD-sponsored]]

USD/CAD has been on a bearish trend since March last year and we have done our best to benefit from this decline, selling the retraces up against moving averages. The USD weakness has been helping the USD, while bullish momentum in Oil has also pushed CAD higher.

As a result, the downtrend has been quite strong with USD/CAD losing more than 26 cents from top to bottom. Earlier this week we decided to open a  sell forex signal against the 50 SMA (yellow) on the h4 chart, but buyers decided to push higher to the 100 SMA (green).

USD/CAD Live Chart

This moving average held well as resistance and the price eventually reversed down from there. Now we are seeing another retrace higher today and the price is right below the 100 SMA, with this moving average rejected the price in the first attempt a while ago. So, we decided to open another sell forex signal below the 100 SMA, since crude Oil prices keep marching higher, climbing above $67.

ABOUT THE AUTHOR See More

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.

Related Articles

Canada Elections 2025: Will Political Shifts Send USD/CAD Soaring or Crashing?

8 hours ago

Save

WTI Oil Price Eyes $64.26 Breakout as Triangle Squeeze Builds Before OPEC+

14 hours ago

Save

USOIL Breakout? WTI Crude Oil Eyes $64.80 Resistance

4 days ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments