USDCAD Long on Strong Dollar and Weak Oil
The dollar is strengthening while the oil price is weakening, and naturally, we will want to buy USDCAD.
Since the rate hike took place in Canada, the loonie has wiped off all gains and the dollar strengthened against the loonie.
Retracement has taken place yesterday and will continue so throughout European session today.
By NY session, we will probably see the price completes its retracement at FR61.8% which overlaps with a major rising trendline.
Since the rate hike took place in Canada, the loonie has wiped off all gains and the dollar strengthened against the loonie.
Retracement has taken place yesterday and will continue so throughout European session today.
By NY session, we will probably see the price completes its retracement at FR61.8% which overlaps with a major rising trendline.
Trader can consider to take a long trade if price is able to retrace back to 1.3170, provided this retracement take place before NY session.