A critical support zone for USDCAD
After "shifting" the green upward channel higher in the late January (acceleration), we are now arriving at a critical support zone for USDCAD at around 1.3550 US Dollars (the blue channel).
From a fundamental perspective, Canadian dollar is an oil-dependent currency. And since oil price is still going down and US numbers are "not so bad", we might see a significant recovery in the USDCAD in the near term, if 1.3550 support area holds.
From a fundamental perspective, Canadian dollar is an oil-dependent currency. And since oil price is still going down and US numbers are "not so bad", we might see a significant recovery in the USDCAD in the near term, if 1.3550 support area holds.
