the daily chartist

USD/CAD recap for 08.10.2015

published 5 years ago

USD/CAD continues to slide as Oil prices continue to rise and the price breached 1.30596 and currently is headed towards 1.29435. I remain bearish on the USD/CAD pair, because if WTI is awakening form its slumber from the racket thats been going on in the Middle East it will be good for the Canadian Dollar.. and for the Saudis as well as they are experiencing the shock of the low prices on their economy as deficit grows and spending needs to be cut. If conditions remains positive for the Canadian, the price may fall down to 1.27042 in the long-term, but before that there probably will be a correction.