The Canadian Dollar barely changed against its US counterpart on Friday, but it is gaining momentum vs. the greenback at the start of the week, moving away from a five-month low. The following illustrates the technical layout from a daily and hourly perspective.
A correction is taking place on the daily chart and the support of the trendline could come under pressure for the week ahead. Bears eye 1.3700 in a 50% mean reversion.
Bulls are likely lurking in the prior support area and a test thereof could lead to a correction for the sessions ahead. A move to test the prior support in a 50% mean reversion opens risk towards 1.3790 / 1.3800.
Thereafter, if the bears commit, then a downside extension could play out for a test of the 1.3720s and below.
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