The excessive high price of the oil provides a tonic for the strengthening of Canadian dollars.
The Canadian dollar might have found further strength as pre-market stock index futures staged a health rebound after two days of heavy selling last Friday.
Generally, Canadian Dollars is in better shape as compared to US dollars, even though the
rising oil prices will depress global growth and especially so given the nation’s reliance on the U.S. consumer
Weekly USD/CAD CHART
Weekly Usd/Cad Chart
Daily USD/CAD Chart
Looking at both the weekly charts above, you may observe that the the formation of extreme bearish Butterfly pattern, with bearish momentum targeted at 0.9708 (First Target), follows by 0.9051(Second target), being the multi-month low target.
The weekly S1 and S2 are 0.9720 and 0.9660 respectively, And the R1 and R2 being 0.9900 and 1.0000 respectively, with Pivot be 0.9840(Weekly)
The Usd/Cad pair is now in very bearish momentum heading towards 0.9000 multi-months low
The Canadian dollar might have found further strength as pre-market stock index futures staged a health rebound after two days of heavy selling last Friday.
Generally, Canadian Dollars is in better shape as compared to US dollars, even though the
rising oil prices will depress global growth and especially so given the nation’s reliance on the U.S. consumer
Weekly USD/CAD CHART
Daily USD/CAD Chart
Looking at both the weekly charts above, you may observe that the the formation of extreme bearish Butterfly pattern, with bearish momentum targeted at 0.9708 (First Target), follows by 0.9051(Second target), being the multi-month low target.
The weekly S1 and S2 are 0.9720 and 0.9660 respectively, And the R1 and R2 being 0.9900 and 1.0000 respectively, with Pivot be 0.9840(Weekly)
The Usd/Cad pair is now in very bearish momentum heading towards 0.9000 multi-months low
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