USD/CAD reverses ahead of the monthly high (1.3863) to register a fresh yearly low (1.3751), and the weakness in the exchange rate may persist as it appears to be trading within a descending channel. As a result, USD/CAD may continue to give back the advance from the October low (1.3473) on the back of US Dollar weakness, and a further decline in the exchange rate may push the Relative Strength Index (RSI) back toward oversold territory. A move below 30 in the RSI is likely to be accompanied by a further decline in USD/CAD like the price action from last year, but developments coming out of the US may sway the … (full story)
