• Falling oil prices, massive USD strength underpins the pair's bullish move
• Following recession fears, oil prices are trading sharply lower in the recent days and are now back to pre Russia-Ukraine war
• Higher demand for safe haven USD, is putting pressure on all the pairs across the board
• As a result, Loonie is losing strength against the Greenback, trading back above 1.30
• Hawkish BOC rate hike failed to convince bears, which surrendered shortly after reaching levels near mid 1.29s
• In my recent posts, I highlighted a bullish ascending triangle pattern and stated that a successful, clear break above it would trigger a massive rally of the pair
• So far, the breakout is successful thus I am expecting further rally towards 1.3630 level, a previous resistance that held prices twice in 2018, which also coincides with the 61.8% retracement level of the 2020-2021 major decline
• Bullish trend remains intact as long as above 1.2950
• Following recession fears, oil prices are trading sharply lower in the recent days and are now back to pre Russia-Ukraine war
• Higher demand for safe haven USD, is putting pressure on all the pairs across the board
• As a result, Loonie is losing strength against the Greenback, trading back above 1.30
• Hawkish BOC rate hike failed to convince bears, which surrendered shortly after reaching levels near mid 1.29s
• In my recent posts, I highlighted a bullish ascending triangle pattern and stated that a successful, clear break above it would trigger a massive rally of the pair
• So far, the breakout is successful thus I am expecting further rally towards 1.3630 level, a previous resistance that held prices twice in 2018, which also coincides with the 61.8% retracement level of the 2020-2021 major decline
• Bullish trend remains intact as long as above 1.2950
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.