USDCAD has been trading in a consolidating range this week, forming a triangle pattern.
With USDCAD shooting up so fast within a short period of time, a consolidation after a retracement is not unexpected.
Furthermore, as Oil prices recovered 30% this week, the Canadian Dollar's weakness has been put on hold temporarily.
This week, our focus will be on the OPEC meeting being held on Wednesday. The outcome of that meeting will set the direction for USDCAD once again.
Prior to that, a break in current technical structure on either side will likely be followed with some volatility.
If prices were to break upwards, we are expecting price to retraceback to supply zone in between 1.5000 - 14450
If price were to break downward, we expect support at 1.3800 - 1.3743
With USDCAD shooting up so fast within a short period of time, a consolidation after a retracement is not unexpected.
Furthermore, as Oil prices recovered 30% this week, the Canadian Dollar's weakness has been put on hold temporarily.
This week, our focus will be on the OPEC meeting being held on Wednesday. The outcome of that meeting will set the direction for USDCAD once again.
Prior to that, a break in current technical structure on either side will likely be followed with some volatility.
If prices were to break upwards, we are expecting price to retraceback to supply zone in between 1.5000 - 14450
If price were to break downward, we expect support at 1.3800 - 1.3743