It would appear that this is the second time pair is bouncing up from below 1.76 which is now determined to be very strong support. As with the last price action it then moved up above 1.8.
Looking at the MACD, we can see that there is consolidation and a cross over about to occur. I think within the next candle we should know if this is a buy opportunity.
Only consider buying if the price enters the support and resistance zone.
Although the crude oil price/canadian dollar correlation has loosened, I would still think a strong move higher will happen if OPEC does not cut production.
Looking at the MACD, we can see that there is consolidation and a cross over about to occur. I think within the next candle we should know if this is a buy opportunity.
Only consider buying if the price enters the support and resistance zone.
Although the crude oil price/canadian dollar correlation has loosened, I would still think a strong move higher will happen if OPEC does not cut production.