Sforex

Loonie: First test 1.400, then bounce, if not, next step is 1.36

FX:USDCAD   U.S. Dollar/Canadian Dollar
149 0 2
The drop of UDSCAD mainly is contributed by two reasons:

- BOC             refused to cut rate and shift hard decision to government to use fiscal policies than monetary policies.

- The recovery of oil             .

However, we can't ignore the fact:

+ The imbalance between Supply and Demand of Oil             is stil             exist.
+ Overall Canada economy is weak.

Hence, the fall of USDCAD             is not stable.

The greenback is still very strong, that why I like to buy in dip than SELL U/C.

Look at on the chart, 23.6% Fib reracement is at 1.400, I expect U/C will fall to this level then bounce back.

We should consider buy at 1.4000 , if not, USDCAD             probably falls to 38.2% Fib retracement at 1.3600. It could be at key ascending trend line I draw on the chart, but this is the worse case.

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