The USD/CAD reached range extension lows (and 38.2% Fibonacci support of June 2014 lows to March 2015 highs) and made a brief new lows before reversing after crude oil futures tumbled today following the inventories numbers. With the USD oversold on a 4 hour chart, the USD/CAD may be primed for a bounce back from current levels. Here is the chart:
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer: I have held a long USD/CAD trade for the last 2 weeks
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