USD/CAD recap for 23.03.2016
Canada's loonie is still in a downtrend, but EIA data yesterday which suppressed Crude gave some boost for USD/CAD as there was overall USD strength all over the board. Candle opened at 1.30448, dipped a little bit towards 1.30378 and climbed really fast on the news and dollar bulls sweeping in towards 1.32188 for a close at 1.32054. 1.31655 level was breached hard at first, but the mentioned catalyst made it rendered. If bear sentiment remains in Oil market, surely USD/CAD will continue to gain more grounds and a push towards 1.34045 is very likely to happen. Another question is if bulls will succeed, and if they were to breach it a push towards 1.36360 is clear. Wait for the trend to brake and a confirmation on the reversal.