 Good morning and welcome to the chart of the week video with me, David Madden. Today's date is Wednesday the 13th of November 2019 and the time has just gone 1145 GMT and This week's chart of the week is the dollar CAD The US dollar first the Canadian dollar and if you take a look at the the long-term view We can see that's been a steady upward trend for quite some time And if you draw a line between the lows of September 2017 through the lows of January 2018 of all the line along here We can see that although the market traded slightly below it It's fair to say that the trend line support was well respected and the market Basically traded slightly below but essentially bounced nicely off of that off of that metric and it's been pushing higher since That only happened at the back end of last month. So in the last few weeks We've seen a steady move higher in the dollar CAD Take a look at the MACD histogram MACD indicator We can see there's been a steady rise in a positive momentum So the move in the underlying market has been confirmed by the steady rise of momentum So the bulls are in control we can be more confident that this upward move is going to continue Now we are approaching this metric here this red line here the Trinity movie average What's often seen as a broad brometer of whether market is strong or weak below what we signify weakness above it and signify strength But we're approaching it and that comes to play in at one spot 32 77 if you continue to push on higher from here I would like to take it out we can then look towards this zone here the highs that were achieved in early October in around One spot 33 47 and should we go beyond that we could really try getting this area here the highs of mid-June That cup that will come into play in at one spot 34 20 If the other hand we do see the market mercy going to turn turn lower on itself yet again We could find support come from this zone here this the L on here The water to move the average and that comes to play just south at 132 in around one spot 31 98 And even if you drop below that this We could head back down towards where this trend line is which is in around The one spot 31 area there there about and even if you do a trap drop below that keep an eye for this area the south of it If you do have a size of break below the trend line I could lean I think a wider up a trend that's been in play for a while is coming to an end And if you take out the recent lows the the late October low I could be that's that could be a signal that the I think a wider downward trend has come to an end I would could be looking any back down towards the lows that we saw in Early in July in around once one spot 30 16 But also keep mine one spot 30 itself as you can be a big psychology number So this is all here in around one spot 30 16 one spots one spot 30 That's all there could potentially be an area of support should be a similar to the downside But if you do a size of break below that we could then be then begin to think right It's you know, we could be looking at heading with we then be falling back to levels last seen in October 2018 over a year ago So a slice of move below 130 could take us back towards this zone here in around one spot 29 26 Now if you are going to be trading the US dollar for us Canadian dollar, please be mindful But later today we have some US economic indicators out US headline inflation is due out at 1330 GMT and the headline figure is tipped to remain unchanged at once about 7% Whereas the core reading is supposed to come in at 2.4% Now today Jerome Powell the head of the Fed of Reserve We'll be speaking at 1600 GMT. So please keep my offer that I could add some those updates Could add some volatility to the US dollar. Thank you for listening and please tune in next week