Declining oil prices has added to CAD weakness today. Economic optimism and factory orders for the US are due today and a positive reading should continue the current upward trend. The price action is breaking out, with a Bollinger squeeze in play at the hourly timeframe. Also, the trade balance for the US and Canada are due soon, which should have moderate volatility effects on the Loonie.
Also, the MACD has made an upward cross over after making lower lows, while price action has made higher lows - known as regular bullish divergence. This indicates underlying strength and a continuation of the upward trend.
Also, the MACD has made an upward cross over after making lower lows, while price action has made higher lows - known as regular bullish divergence. This indicates underlying strength and a continuation of the upward trend.