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USD/CAD Technical Analysis: Basing or Retracing? That is the Question
The Canadian Dollar strength had caught a lot of people by surprise given the drop in Oil to the lowest levels since August this week. The jolt higher in CAD (lower USD/CAD) was brought about by a double-punch of hawkishness from Bank of Canada members Wilkins that was stamped by Governor Poloz who said that prior rate cuts had “done their job,” to support the economy in terms of an Oil breakdown. On Thursday, traders got confirmation of a stable and growing Canadian economy with retail shows showing the sector is off to the strongest start since 1991 per Bloomberg. Given the recent Bear Market in Crude Oil from ... (full story)