Later this month, the BoC are expected to raise their interest rate from 1% to 1.25%- should this go ahead we should see a rise in demand for the Canadian Dollar.
Looking at the chart- price has broke strong weekly resistance, which has now turned to support. The Cypher pattern completes on the support level, where I believe price should rally if it hits this level. As always, I will be looking closely at the candlesticks for a valid entry- and keeping the risk:reward at a minimum 1:2. RSI is also approaching the oversold level.
I am still holding my short position on th NZDCAD as i believe the cad will gain further strength.