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- USD/CAD Price Analysis: Bears eye oil prices and the downside of sideways range
USD/CAD Price Analysis: Bears eye oil prices and the downside of sideways range
- USD/CAD is stuck in a sideways range awaiting geopolitical drivers.
- The price has reached a key upside target, now drifting lower as oil prices surge.
USD/CAD remains in familiar territory as fundamentals fail to gain traction as the world waits on Russia's next move or for diplomacy to prevail and avert a catastrophe in geopolitics.
In the prior, USD/CAD Price Analysis: The 1.2780's are in focus now that bulls are back in control, it was note that ''the price had found stability in the hourly lows but it has carved out a lower low as follows:
and that ''the spike lower would have cleared out some of the stale sell stops below the daily support.''
This had resulted in a renewed bullish impulse on the daily chart as follows:
Eyes were on the 1.2780's and the Feb highs for the days ahead and the bulls have reached the target as follows:
The outlook at this juncture remains clouded by the geopolitical backdrop and the familiar ranges will likely remain in play until there is a resolve or escalation way or another. WTI will also be a key driver as it heads towards $100bbls, supportive of CAD.
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