USDCAD mid to long term view - long?
Dollar is already oversold against the Canadian on the MACD but RSI still shows some leeway which corresponds with the possibility of reaching 1.3450 - 1.3430 region in the coming days.
After that I can see a bounce up back above 1.36 and in a later stage 1.40, 1.45 and even 1.50 (depending on how oil moves in the coming month(s)).
So do note, that in the short term we can still see some downward pressure.
The 1.3450 - 1.3430 area would also create the foundations for Fibonacci retracement lines.
The technical view can also nicely fit with the fundamentals given last weeks OPEC frenzy. If those rumors fade into obscurity we could see renewed selling of the CAD.
After that I can see a bounce up back above 1.36 and in a later stage 1.40, 1.45 and even 1.50 (depending on how oil moves in the coming month(s)).
So do note, that in the short term we can still see some downward pressure.
The 1.3450 - 1.3430 area would also create the foundations for Fibonacci retracement lines.
The technical view can also nicely fit with the fundamentals given last weeks OPEC frenzy. If those rumors fade into obscurity we could see renewed selling of the CAD.
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Very strong CAD, which is not strange given oil but even when oil weakens CAD remains strong. Which is strange. Strange actions these past few weeks. Will keep an eye out for a reversal, it's already way to low to enter a short for the long term.
Still staying at the side lines and still expecting move back up. Will look for buy above 1.3450.