USDCAD continued it's downtrend this week, after facing strong resistance at 4 years high.
It broke out of a triangle consolidation pattern downward, finally finding support at previous low.
This is largely due to Dollar weakening and also oil prices stopped falling. OPEC talks have helped as well, with oil supply cuts inbound, however, there are no confirmations yet.
This week, if USDCAD breaks current support, we are expecting price to drop to previous support/demand zone.
Should price break support on market opening, it would be a good price to sell USDCAD at.
It broke out of a triangle consolidation pattern downward, finally finding support at previous low.
This is largely due to Dollar weakening and also oil prices stopped falling. OPEC talks have helped as well, with oil supply cuts inbound, however, there are no confirmations yet.
This week, if USDCAD breaks current support, we are expecting price to drop to previous support/demand zone.
Should price break support on market opening, it would be a good price to sell USDCAD at.