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Canadian dollar to continue its decline

USDCAD Tech analysis by Simon Kazinsky on 05:56 November 28, 2017 EST

USDCAD has set a short term double bottom in the 1.265. At this value also sits at present the moving average that has provided resistance three times since June every time the pair attempted to travel north of the chart. It is now acting as support.

The US dollar is presently weak against most currencies and many commodities and yet it is able to claim some territory from its Canadian counterpart signalling how weak the loonie remains.

Retail traders are slightly long on the pair which should serve as a bearish signal. However, the ratio is quite balance at 54 to 46%.