USDCAD has been overbought since the oil price war that lead to price shooting up. With oil prices stabilising and recent dollar weakness, USDCAD may continue tumbling this week.
Lower highs have been forming however support at demand zone has not been broken.
This week, we are expecting price to retest the support again. If price manages to break below the demand zone, USDCAD should start a bearish trend back down to 200SMA.
Lower highs have been forming however support at demand zone has not been broken.
This week, we are expecting price to retest the support again. If price manages to break below the demand zone, USDCAD should start a bearish trend back down to 200SMA.