USD/CAD: opportunity to buy the dips?

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.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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