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  • S&P/TSX

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    +98.93 (+0.46%)
     

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    37,986.40
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    0.7275
    +0.0012 (+0.16%)
     

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    83.24
    +0.51 (+0.62%)
     

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    +8.70 (+0.36%)
     

  • RUSSELL 2000

    1,947.66
    +4.70 (+0.24%)
     

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    4.6150
    -0.0320 (-0.69%)
     

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    15,282.01
    -319.49 (-2.05%)
     

  • VOLATILITY

    18.71
    +0.71 (+3.94%)
     

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  • NIKKEI 225

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  • CAD/EUR

    0.6824
    +0.0003 (+0.04%)
     

USD/CAD Price Forecast for the Week of January 22, 2018, Technical Analysis

Christopher Lewis
Updated
The US dollar has been volatile during the week, but as we close out the Friday session, it looks as if the market doesn’t know where to go next, in relation to the Canadian dollar. I think that the market continues to be difficult for longer-term traders, as there are so many moving pieces.

The US dollar has gone back and forth during the week, testing the 1.25 level above, and the 1.24 level on the bottom. The resulting neutral looking candle suggests that we are looking for some type of clarity in the market, and because of this I think that the patient long-term trader will end up doing well, but those of you looking to jump into the fray right away, you should be looking at short-term charts for more of a back and forth type of situation. A break above the shooting star from a couple of weeks ago could send this market higher, perhaps the 1.29 level acting as a target.

WTI Crude Oil market traders have been bullish as of late, so that puts downward pressure on this market, but at the same time we have a lot of concerns in Canada as there is the possibility of the NAFTA agreement breaking down, and that of course could do some damage to the Canadian economy, and therefore could send this market higher. At this point, we certainly have seen a lot of negative pressure, but the last couple of weeks have basically crushed the volatility and momentum in this market, so longer-term traders will need to see the correct type of impulsivity to the market to start putting money to work. Currently, I think longer-term traders will be better off looking elsewhere.

USD/CAD Video 22.01.18

This article was originally posted on FX Empire

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