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USD/CAD in focus ahead of data, holding above key support

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Yesterday saw the USD/CAD arrive at and then bounce from a major technical support level of 1.2835 after its recent retreat from a major Fibonacci exhaustion area. What it does next could determine the direction for the next several days at the very least, though we may have potentially already seen the top for the Loonie. In truth, a lot will depend on the direction of oil prices, with crude being Canada’s number one commodity export. Oil actually managed to bounce back strongly late Thursday

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