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Sunday, April 17, 2016

USD/CAD Forex Pair Overdue for a Bounce

The USD/CAD Forex pair is well overdue for a bounce at the median of a long-term regression channel and the 40% Fibonacci retracement level, as shown on the Monthly chart below.

The Canadian dollar is price-sensitive to the price of WTIC Oil, so I'd keep a close eye on its action following the inaction of the participating countries to lower oil supply at this weekend's Doha meeting...Oil is -2.21 at 39.50 as I write this post on Sunday evening.


P.S. I'd also keep a close watch on the banks and DB.