Fundamental Forecast for CAD: Bearish
- The Canadian Dollar struggled to start the week, driven lower by falling oil prices, but slimmed Oil supply numbers printing on Wednesday helped to provide a retracement that may offer potential trend-side entries).
- USD/CAD caught near-term resistance on the under-side of a projected trend-line, and had moved lower in response on Wednesday, Thursday and Friday.
- For up-to-date and real-time analysis on the CAD, Oil and market reactions to economic factors currently ‘in the air,’ DailyFX on Demand can help.
The Canadian Dollar continued to slide lower to start the week, furthering the return of the up-trend in USD/CAD led by a precipitous drop in Oil prices. But a surprise decrease in Oil supplies on Wednesday helped to strengthen Crude prices to finish off the week, and this led to CAD strength for the past three days. But after extended down-trends in both Oil and Cad, the prospect of trend resumption may be near and an attractive entry in both of these markets may be near.