USD/CAD: opportunity to buy the dips?

CAD has been strong during recent days and it’s now supported by the Fibonacci level of 78.6% at 1.2465 against the US Dollar. Our outlook remains in favor of the bulls, favoring to a possible rebound at the current stage, in an effort for the Loonie to reach the Fibonacci target of -23.6% at 1.2626. Invalidation point lies at 1.2431, at which a breakout should open the doors to refresh new lows.

RSI indicator remains in the negative territory, supporting another leg lower.

Felipe Erazo

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