USDCAD looking to dive..?
Not yet...
USDCAD has been trading on the backfoot following Friday's poor US retail sales data and the current strength in oil, we think it is too early for this pair to break 1.2900 and see another range higher still on the cards.
We would look at longs on a move out of the current downward momentum, above 1.2950 and would add in above 1.3000 which is key level in this pair for the next move.
A further leg down, below 1.2900, invalidates this view and pushes us to bearish for a move to 1.2500 area
USDCAD has been trading on the backfoot following Friday's poor US retail sales data and the current strength in oil, we think it is too early for this pair to break 1.2900 and see another range higher still on the cards.
We would look at longs on a move out of the current downward momentum, above 1.2950 and would add in above 1.3000 which is key level in this pair for the next move.
A further leg down, below 1.2900, invalidates this view and pushes us to bearish for a move to 1.2500 area
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