Volumetric analysis on December 28
In the price range of 1.3660-1.3630 a decent volume has accumulated quickly enough for a thin market. Moreover, there were signs of the strength of the sellers, but these are only signs. We should not assume that yesterday's decline in the American session is a strong tendency, because there is support and it is still important. However, if we see an increase in oil prices, it can be assumed that the Canadian dollar will strengthen too, which means the usdcad pair will acquire a downward trend. Pay attention to the level of 1.3565. This is the lower mark of the maximum volume, and if the sellers' initiative turns out to be strong, then we should see a price drop, after which we can wait for a corrective increase and look for entry points to the sale. The target for the fall may be the next support, or rather its upper limit 1.3500.
Nevertheless, we did not see buyer’s initiative following the results of yesterday's trading session, but we are not talking about a confident downward movement. Pay attention to the balance of 48.45-47.00. If the price is above 48.45, we can talk about the strength of buyers in the market. So, we can wait for a corrective decline and buy from a speculative point of view. Whether there will be a breakdown today, and maybe this is a matter for next year, is unclear. But in other hands on the thin market it is dangerous to undertake something else in our opinion.
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