USD/CAD Technical Analysis – February 6, 2017


February 6, 2017

Last Monday’s session we saw the US Dollar rally hard against the Canadian Dollar due to weak oil prices, and traders pricing in a bad Trade Balance report for the CAD.

On the technical analysis side, the price retraced when it reached the 23.6 Fibonacci level. But it looks like the price is being supported by the 50 day moving average (Light Blue line). We expect to see a stronger USD in the upcoming days.