Current trend
The Canadian Dollar is declining amid a fall in oil prices. Most analysts suggest the price of oil has not reached its possible lowest level yet; thus, the fall might continue. Moreover, Stephen Poloz, Governor of the Bank of Canada, stated a possibility of an interest rate cut in case of a crisis.
Support and resistance
The pair is trading between the levels of 1.4000 and 1.3835 (0.0% and 23.6% Fibonacci correction levels).
Support level: 1.3835 (23.6% Fibonacci).
Resistance level: 1.4000 (0.0% Fibonacci).
Trading tips
Place pending buy orders at the level of 1.3960 with trailing stop 20 points away.
The Canadian Dollar is declining amid a fall in oil prices. Most analysts suggest the price of oil has not reached its possible lowest level yet; thus, the fall might continue. Moreover, Stephen Poloz, Governor of the Bank of Canada, stated a possibility of an interest rate cut in case of a crisis.
Support and resistance
The pair is trading between the levels of 1.4000 and 1.3835 (0.0% and 23.6% Fibonacci correction levels).
Support level: 1.3835 (23.6% Fibonacci).
Resistance level: 1.4000 (0.0% Fibonacci).
Trading tips
Place pending buy orders at the level of 1.3960 with trailing stop 20 points away.