The USDCAD has been somewhat quiet during the trading session on Monday as we continue to hang around the 50-Day EMA- forextrade forextrading
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At this juncture, I think that if we were to break above there, the market could really start to take off.has been somewhat quiet during the trading session on Monday as we continue to hang around the 50-Day EMA.is an indicator that a lot of people will pay attention to get an idea of the trend, so it does make a certain amount of sense that we would be sitting here.from the trading session on Friday certainly was impressive, but it is interesting to see just how nonchalant Monday was.
It remains to be seen whether that happens, but it’s obvious that a lot of traders will be conflating the two. When you look at this market, there is a bit of an argument to be made for a potential “head and shoulders” pattern, but I think that is probably a bit of a stretch at this point. Nonetheless, even if we do break down and confirmed the head and shoulders pattern, it looks like the target would be somewhere near 1.31, which is right around the 200-Day EMA, and an area that previously had been resistive.
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