Another thing that comes into the picture is the idea that thewill continue to struggle, and of course the Loonie is highly susceptible to pressure from the crude oil market itself as crude oil is one of Canada’s biggest exports. With all that being the case and the fact that the Bank of England has to fight inflation so aggressively, it does make sense that we go higher.
In the short-term, I anticipate that the C$1.70 level is the first target, and then we could go looking toward the C$1.72 level after that. Underneath, we have a nice uptrend line that continues to be of importance, but even if we were to break down below there, the C$1.65 level comes into the picture as a. Pay close attention to the crude oil market, because if it does suddenly turn around, that could put downward pressure on this market, but I believe at this point it would probably be somewhat mild due to the fact that the Bank of England is so aggressive.
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Source: Daily_Forex - 🏆 567. / 51 Read more »