Canadian Dollar strength driven by Oil prices
As crude oil prices climb due to the geopolitical conflict, has resulted in the Canadian Dollar gaining strength.
With the prices testing the 1.36 price level, the idea was a bounce above the 23.60% fib retracement level could see a continuation to the upside.
However, with the DXY weakening, look for the USDCAD to break below the longer term fib retracement level of 61.8% to signal a continuation of the recent downtrend, with the next major support level at 1.34
With the prices testing the 1.36 price level, the idea was a bounce above the 23.60% fib retracement level could see a continuation to the upside.
However, with the DXY weakening, look for the USDCAD to break below the longer term fib retracement level of 61.8% to signal a continuation of the recent downtrend, with the next major support level at 1.34