CAD overtakes USD’s place as the strongest major currency today as helped by rebound in oil prices.
Just after we said here that AUDCAD’s decline seemed to be slowing, it accelerated. But after all, there is no change in the view that it’s clearly in a near term down trend. The major target is 0.9578 key support (2017 low). We’ll monitor the reaction there.
Another one to watch is EURCAD. We pointed out here that the corrective rise from 1.5461 could be ending. Subsequent decline proved that it has indeed ended at 1.5172. EUR/CAD is now heading to 1.5461 low with solid downside momentum.
Break of 1.5461 should be seen soon and next target is 61.8% projection of 1.6151 to 1.5461 from 1.5712 at 1.5286.