The USDCAD pair has been
rising slowly over the last few days but stopped at September highs near 1.3250
and since then, bears have taken control and the Loonie has been strengthening,
although not sharply. On Friday, the USDCAD pair was trading 0.20 percent
lower, seen at around 1.3150 during the London session.
The pair also fell below previous highs at
1.3160 and more importantly, it is now dropping below the medium-term bullish
trend line, which could lead to a trend reversal over the next few days. If the
pair closes below this trend line, bears could be further stronger, with the
next target at 1.3120 and the following target could be near 1.3050.
On the upside, bulls need to defend the
mentioned support of 1.3160 and after that another bearish zone could be
located at 1.3250 and, possibly at previous highs near 1.3250.
The RSI indicator is slowly reaching the
oversold territory, meaning a small bounce could occur. As long as oil remains
below 60 USD, the Canadian Dollar may not significantly strengthen.
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