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USD/CAD has rebounded

USD/CAD has rebounded

Information is not investment advice

USD/CAD has been trading sideways between 1.3510 and 1.3367 for the past month. Yesterday it made a sharp rebound from the bottom of this range and now may test its top. An advance above 1.3367 (March high) will open the way up to the 1.3500/10 area. The long-term trend remains bullish.

The US dollar is helped by the demand for it as a safe haven and the lack, while the Canadian dollar is pressured by the declining oil prices after another weekly increase in the US crude stockpiles.  

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CAD/JPY turned down

CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4.

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