USDCAD has been steadily falling this week after retesting previous breakout point at 1.3333, largely due to Dollar weakness. With the BoC announcing a reduction in bond purchases, we could expect the CAD to continue appreciating.
This week, price is currently hovering at a strong demand zone, which coincides with the previous low of downtrend. Await a pullback to a resistant point, and we could continue selling USDCAD should there be clear signs of resistance.
This week, price is currently hovering at a strong demand zone, which coincides with the previous low of downtrend. Await a pullback to a resistant point, and we could continue selling USDCAD should there be clear signs of resistance.
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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.