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In last few weeks Canadian economy have shown signs of improvement across the board and with recent agreement by oil producing countries to cut output could result in higher oil prices and it would benefit Canadian economy in near future.
From technical perspective USDCAD have declined from the highs of 1.3580 and price is currently testing Daily demand zone at 1.3118. I am expecting further downside pressure on this pair and a test of next demand zone around 1.2900 level. However, should he pair find some buying interest at current demand zone then 1.3250 supply zone should be a valid zone to look for selling opportunities.
From technical perspective USDCAD have declined from the highs of 1.3580 and price is currently testing Daily demand zone at 1.3118. I am expecting further downside pressure on this pair and a test of next demand zone around 1.2900 level. However, should he pair find some buying interest at current demand zone then 1.3250 supply zone should be a valid zone to look for selling opportunities.
