USD/CAD trying to gain momentum

USD/CAD trying to gain momentum

USD/CAD had a very bearish week and it’s trying to recover from such losses. According to our projections, Loonie has been performing a rebound from the 50% Fibonacci retracement level at 1.2597, where it also gained momentum. If the bullish bias continues to be dominant across the board, we can expect further rallies to reach the -23.6% Fibonacci retracement level of 1.2861 as our preferred outlook for the short and mid-term.

RSI indicator is slightly moving in the positive territory, favoring to the bulls.



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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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