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The USDCAD pair sits on an multiweek support-resistance.
Also, the uptrendline on daily chart is just broken on a closing basis, however the horizontal level seems intact.
The CAD strengthening was seemingly related to crude oil spike from Iraq crisis and may not last.
So USDCAD is expected to bounce from here towards 1.1 level again.
In case the crude rises further and CAD strenghthens, next support would only be at 1.0-0.8
The thursday NFP if positive would boost USD and cause USDCAD bounce.
The weekly close above the up trendline would be important to note.
A long trade on GBPCAD or EURCAD would be interesting.
Here are the daily and weekly charts.
Also, the uptrendline on daily chart is just broken on a closing basis, however the horizontal level seems intact.
The CAD strengthening was seemingly related to crude oil spike from Iraq crisis and may not last.
So USDCAD is expected to bounce from here towards 1.1 level again.
In case the crude rises further and CAD strenghthens, next support would only be at 1.0-0.8
The thursday NFP if positive would boost USD and cause USDCAD bounce.
The weekly close above the up trendline would be important to note.
A long trade on GBPCAD or EURCAD would be interesting.
Here are the daily and weekly charts.
