The Dollar continues to move in an indecisive fashion as the bull and bear battle continues. Meanwhile, Shiba Inu is oozing with bullishness as the price is inches away from 0.00009.
A quick look at the daily time frame shows that the Dollar has spent the last six days in consolidation as neither bulls nor bears could create separation. This has led to a slowdown in trade setups and price movements for both the major and minor currency pairs.
One commodity that this excelling today is Shiba Inu. Price is currently up 70% for the day as bulls march towards the all-time high near 0.00009. Based on the current price action, traders could see price extend higher – possibly to the 0.00010 psychological level.
Today’s Bank of Canada rate statement printed a rate of 0.25% which is on par with the previous result. This result was not a shock and price action on USDCAD represents that. The current consolidation in the Forex market could continue for the rest of the week.
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- Read our previous blog article: Dollar Bulls Attempt a Rally to 94.200 + Shiba Inu Back to 0.00009?
