Canadian Dollar Technical Outlook

Published May 7th, 2009 - 06:44 GMT
Al Bawaba
Al Bawaba

A larger USDCAD decline is underway towards 1.1359 and perhaps even lower.  Near term, 5 waves down from 1.2510 may be near completion.  As such, there is risk of a correction, back to at least 1.1830.  If a correction plays out, then we’ll have a shorting opportunity.  Notice RSI on this chart, which warns of a bounce.