Happy Monday, everyone. Hope you all had a fun weekend!
I wanted to share with you my pick for Chart of the Day: USD/CAD. Let’s take a look at the chart below:
This pair began rising from 6pm yesterday to 10am PST, and gained approximately 240 pips from 1.2398 to 1.2640. Today was a big day for USD/CAD, as it rose significantly on the whole in comparison to other currency pairs. The overall trend is sideways and therefore ambiguous, so we can’t say for sure whether this move to the upside will last.
ForeXcast: Keep an eye on EUR/USD to begin moving up again within the couple days. After 5 days of consolidation and a minor breakdown, it may be ready to start appreciating once again.