The Proven Trading Formula for 2019
The USDCAD has been trading in a very tight range between support level 1.3235 and resistance level 1.3320. A daily break and close above the resistance level 1.3320 can send the USDCAD exchange rate up to 1.3387 were we have the 200 moving average aligning with a very strong pivot point. There are no extreme readings on the stochastic indicator so we can’t expect any reversal. On the downside, the first major support level comes at 1.3138 level were the bulls can show up again.
The Retail Sales scheduled on Wednesday, is the only major risk event that can disrupt the market volatility. Based on the market consensus we should expect the consumer spending to drop buy -0.5% versus 0.3% previous reading. The BOC Governor Poloz can also speak at the WEF Annual meeting.
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