The USDCAD initially rallied against the Canadian dollar, but with the resurgence in oil pricing, it makes a certain amount of sense that we have seen this pair turnaround- forextrade forextrading
got hammered during the week, as the Bank of England suggested that they were going to have to deal with a two-year recession in that country.
I anticipate that rallies will still get sold into, but in the meantime, you are probably looking at a scenario where we are still range bound overall.market rally during most of the week, after initially dipping. At this point, it looks like crude oil is on the edge of a significant breakdown, and if that is in fact going to be the case, is very likely that we continue to see a lot of upward pressure. $100 is a very real possibility, right along with the idea of buying dips going forward.
This is an extreme amount of resiliency, especially considering all of the issues that European consumers are going to face this year.
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