Canadian dollar holding major support around $0.7000

This is a long-term chart for the Canadian dollar. It trended down starting in 2012 and is now in a lateral trading range. There is no catalyst to lift the dollar at this point and there is a direct correlation with the price of oil. Also, the differential in interest rates with the United States adds weight to the Canadian dollar. The BOC policy decisions are not helping.

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Technical Analysis is about trading with the trend

Note: This technical analysis is for educational purposes. Please conduct your own analysis or consult a financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stocks or indexes.

Chart Analysis

Technical Analysis is about identifying the trend

Canadian dollar holding major support around $0.7000

Technical Analysis is about trading with the trend