The “risk off” activity seen from early December has intensified over the past week, with global slowdown concerns impacting negatively on the major commodity currencies, including the Australian, New Zealand and Canadian Dollars.
Furthermore, alongside and partially driven by this “risk off” theme, the Oil price continues its path to lower prices as evident throughout Q4, with another acceleration lower into latter December.
This Oil price weakness also puts downside pressures on the Canadian Dollar, propelling USDCAD to new multi-months highs.
Below we look at the technical risks and upside targets for USDCAD.
See the full article here: https://www.fxexplained.co.uk/forex-articles/current-market-analysis/usdcad-bullish-trend-re-energized/