USDCAD bullish trend re-energized The “risk off” activity seen from early Decem...

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Today’s FX chart analysis - video

Saxo Bank’s head of FX strategy John Hardy takes a closer look at trends and moves in today’s forex charts, including EURUSD, USDJPY, AUDUSD, and EURSEK.

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Squawk / 21 December 2018 at 7:16 GMT

MarketChartist

Founder, Owner, Director / Market Chartist

United Kingdom

USDCAD bullish trend re-energized

The “risk off” activity seen from early December has intensified over the past week, with global slowdown concerns impacting negatively on the major commodity currencies, including the Australian, New Zealand and Canadian Dollars.
Furthermore, alongside and partially driven by this “risk off” theme, the Oil price continues its path to lower prices as evident throughout Q4, with another acceleration lower into latter December.
This Oil price weakness also puts downside pressures on the Canadian Dollar, propelling USDCAD to new multi-months highs.
Below we look at the technical risks and upside targets for USDCAD.

See the full article here: https://www.fxexplained.co.uk/forex-articles/current-market-analysis/usdcad-bullish-trend-re-energized/

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