The March 2 bottom at $1.1298 could be a significant low for the near to intermediate term for dollar/Canada, according to some analysts.
“There is room for another test of $1.13, but $1.10 is out of the question,” says Buskas of near-term action for dollar/Canada.
Slowing BOC rate hikes, perhaps accompanied by slower demand for Canada’s natural resources, could result in a pause for the multi-year dollar/Canada downtrend.
What should you do in the near term? Dolan suggests to continue to trade from a long dollar, short Canadian dollar bias. If a weekly close above $1.1650 is achieved, he suggests to become more aggressive in buying dips. Initial chart resistance beyond there is implied at the $1.1800 level, which is the 2006 high.
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