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Canadian dollar sold off strongly against the U.S. dollar after FOMC upgraded tightening path and Yellen used the word "gradual" only twice at the last week's press conference. Oil prices remain firm after OPEC and non-OPEC production cut deals.
The pair sprang from the strong support zone (May - November trendline, 200 DMA, 2009 high) below 1.31 and almost completely retraced the decline from the first two weeks of the month in two days before stabilizing ahead of 1.3455 (Q3 2015 high). Looks bullish above 50 DMA.
The pair sprang from the strong support zone (May - November trendline, 200 DMA, 2009 high) below 1.31 and almost completely retraced the decline from the first two weeks of the month in two days before stabilizing ahead of 1.3455 (Q3 2015 high). Looks bullish above 50 DMA.
