USDCAD has retraced back to the breakout point of it's 6-month downward trendline, back to a strong support zone, which coincides with the 78.6% level retracement.
With oil prices hovering below $40 after breaking below key channel, and the Canadian economy being heavily reliant on Oil prices, the effects should be seen in Canada's currency.
This week, should the current support hold, we could look to buy USDCAD again, however, should price break current support, next level of support could be seen at the previous low at 1.300.
With oil prices hovering below $40 after breaking below key channel, and the Canadian economy being heavily reliant on Oil prices, the effects should be seen in Canada's currency.
This week, should the current support hold, we could look to buy USDCAD again, however, should price break current support, next level of support could be seen at the previous low at 1.300.
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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.