Forex Analysis : USD/CAD
Last week we thought the Canadian Dollar had some chance to weaken a tad, but we were wrong and it headed down to 0.9625, with 0.9400 looking all too possible in early Q2
• With the US Dollar collapsing on Friday the Loonie may well move to nearer 0.9400 in the near term.
• There is no support at all, with last week’s low at 0.9625 likely to be taken out, placing 0.9595-0.9600 as the next VST level.
• Although its obvious, until the USD Index eventually rebounds the Loonie will continue to strengthen, and as the week chart is showing us, there is no reversal pattern to see just yet.