Speculators anticipating a recovery in the U.S. economy and a possibleend to the Fed’s easy money policy helped boost the USD CAD.Technically this pair formed a weekly reversal bottom which should leadto a minimum 2 to 3 week correction.
Weekly Analysis
USD CAD
Speculators anticipating a recovery in the U.S. economy and a possible end to the Fed’s easy money policy helped boost the USD CAD. Technically this pair formed a weekly reversal bottom which should lead to a minimum 2 to 3 week correction.
This week’s low just missed a .618 retracement of the .9055 to 1.3062 range. This Fibonacci number came in at 1.0586 while the actual low was at 1.0630.
Earlier in the week a reversal bottom was formed on the daily chart. Today it was formed on the weekly chart. A follow-through rally is needed to confirm the pattern.
Weekly Chart
