The Canadian dollar continued its up trend last week against the U.S dollar after crude oil price continued to fall to fresh lows. The pair accelerated to as high as 1.4552.
With 21 and 55 EMA still crossed northward on 1 hour, 4 hours, daily, weekly and monthly time-frame, it shows there’s still strong bullish momentum in place. Initial bias remains on the upside this week for next long term projection level at 1.4944. On the downside, below 1.4333 minor support will turn bias neutral and bring consolidations. But downside of retreat should be contained by 1.3815/4000 support zone and bring rally resumption.
Later this week investors will also be awaiting monetary policy announcements from the Bank of Canada in its next coming meeting, with speculation of a rate cut of 25 basic points.