Technical Analysis

USD/CAD bounces off 100-day shifting common in seventh day of declines

USD/CAD rebounds from 5-week low

USD/CAD hit a five-week low of 1.3180 on the again of the Financial institution of Canada choice and the rip in oil costs however since then it is rebounded.

The low got here virtually exactly on the 100-day shifting common and simply above the December low, two ranges I highlighted earlier than the BOC.

It has been a pointy fall on this pair and it is declined into the 50%-61.eight% Fibonacci retracement zone. Technically, that each one provides as much as the top of the retracement. Oil can be again into the $50-$55 vary the place it would discover a little bit of consolation.

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