USDCAD A.k.a The Loonie Has some Further Downside Potential. After the 160+ Pip move Last Friday on Strong CA Data and Weak US Data, We saw a huge sell off and a slight pullback. On the Hourly Timeframe we have a MA Cross and A Clean Break of the Trendline. I already have some Short Running and have now added to my positions hoping to achieve the Target 2 which also coincides with the -61.8% extension target and a key area of support at 1.2200.
We Have US PPI Data Later This week. Will this Push the Loonie Down Further??