Market Analysis

Technical Analyses: USDCAD retesting lows from January and late February, Bears eye on 1.2617


The Canadian Dollar, also known as the Loonie, is referred to as a commodity currency. Both the value of the Loonie and Bank of Canada monetary policy are materially influenced by global commodity prices and the global economic outlook. While a commodity currency, the Loonie is also a benchmark currency, meaning that central banks globally hold Canadian Dollars as a reserve currency. The USD/CAD pairing is equal 5th most liquid pairing, accounting for 5% of total transaction volume in the FX markets. The Loonie is the 7th most traded currency in the world.

According to multiple timeframes figure bearish trend is still dominant for USDCAD. Long term bearish trend, conformed by 1D and 4h TF, was broken few times by a small pool back by buyers, but that was only a price correction.

Bears still do not give up on pushing USDCAD, even more, love and it looks that will be the case as long price is below POINT OF CONTRL level 1.266.