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Canadian GDP have shown consistent growth in last few months, however February 2016 GDP growth shrank by 0.1% which could be an indication that the momentum could slow down in coming months, as oil prices still remain relatively low and further decline is expected due to excess oil supply and subdued demand.
From technical perspective USDCAD continues to decline and price is currently at an important higher time frame demand zone, as such I am expecting some retracement from this zone in May. However, bears seem to be in control for now as such until there is proper bullish price action with price making higher highs and higher lows, it would be advisable to keep looking to sell this pair.
From technical perspective USDCAD continues to decline and price is currently at an important higher time frame demand zone, as such I am expecting some retracement from this zone in May. However, bears seem to be in control for now as such until there is proper bullish price action with price making higher highs and higher lows, it would be advisable to keep looking to sell this pair.
