USD/CAD Price Forecast March 16, 2018, Technical Analysis
The US dollar has rallied a bit during the trading session on Thursday, as we crashed into the 1.30 level. We started to run stops in that area, but this is an area that is huge from the longer-term standpoint. If we can finally break above this level for a longer-term move, it’s very likely that we go to the 1.35 handle. This of course has a lot to do with oil, so if the oil markets break down, it should send this market much higher. The market looks as if it is trying to break out to the upside, but I also recognize that it’s going to take a lot of momentum and strength to finally go higher.
USD/CAD Video 16.03.18
I suspect that until the WTI Crude Oil market breaks below the $60 level, it’s going to be difficult for this market to continue to go higher. If it does, the 1.33 level would be my next target, followed by the 1.35 level. As I am recording this, the market is jumping around, and stops are being run. Having said that, this is a very dangerous trade to be involved in until clarity comes to traders. I cannot tell you how many times I’ve lost money trying to front run one of these moves, so caution is a better part of valor, and I will reevaluate this in 24 hours after we get the daily close.
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