USDCAD – technical overview


Technical studies have finally unwound from violently overbought readings, with the market trading back down to previous resistance turned support in the 1.3800-1.4000 area. But overall, the broader uptrend remains firmly intact and any additional setbacks are expected to be very well supported above 1.3800 in favour of the next higher low and fresh upside extension back through the near 13 year high at 1.4690 from January. Only a daily close below 1.3800 would compromise the current structure.



R2 1.4157 – 27Jan high – Strong

R1 1.4109 – 29Jan high – Medium

S1 1.3948– 28Jan low – Medium

S2 1.3814– 4Jan/2016 low– Strong


USDCAD– fundamental overview

An impressive recovery in the price of OIL over the past week has directly correlated with a welcome rebound in the Canadian Dollar, with the Loonie emerging as the strongest amongst the developed currencies in this time frame. Friday’s as expected Canada GDP print has also helped to keep the Canadian Dollar supported. Still, with the Fed not yet scaling back with its policy timeline, with OIL prices at risk of falling back yet again and with global sentiment shaky, there is risk any additional Canadian Dollar gains will be limited. The early Monday release of softer China PMIs is alreadyweighing a bit into the new week. Looking ahead, Canada manufacturing PMIs are due along with a batch of US datafeaturing US personal income, spending and consumption, ISM manufacturing and construction spending


Good Luck.....!!!!
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