Loonie: The depreciation should halt and shift to uptrend.
Last week, we saw BOC kept interest rate unchanged and Canada employment report once missed the forecast with the rise of unemployment rate and the drop of employment change.
This week, main focuses are FED Meeting and Canada CPI.
Although I keep bearish view for Dollar ahead FED meeing, but I also have a negative view to Loonie base on recent weak data: Ivey, labor market. Hence,I think the drop of USDCAD should halt at current level and shift to uptrend.
RSI indicator indicates that it is staying in oversold zone too long and a squeeze is reasonable.
USDCAD also holds SMA200 as good support and I expect USDCAD bounces at this level to SMA100 around 1.3400 level.
This week, main focuses are FED Meeting and Canada CPI.
Although I keep bearish view for Dollar ahead FED meeing, but I also have a negative view to Loonie base on recent weak data: Ivey, labor market. Hence,I think the drop of USDCAD should halt at current level and shift to uptrend.
RSI indicator indicates that it is staying in oversold zone too long and a squeeze is reasonable.
USDCAD also holds SMA200 as good support and I expect USDCAD bounces at this level to SMA100 around 1.3400 level.
