- January 7, 2022
- Posted by: Stratford Team
- Category: Economy
The dollar whipsawed but moved lower against the Loonie. U.S. Treasury yields moved higher following the Fed meeting minutes released on Wednesday. The U.S. services sector decellerated after hitting a record-high growth rate in November. The ISM Services Report purchasing managers index fell to 62.0 in December from 69.1 in November, below the 66.8 consensus forecast.
Technical Analysis
The USD/CAD whipsawed and moved lower. Resistance is seen near the 10-day moving average at 1.2750. Support is seen near the 50-day moving average at 1.2677. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This scenario occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD…
