Canadian Dollar (CAD) looks poised for higher prices in the longer term but in the near term, some form of consolidation could be on the cards.
The CAD has a close and direct relationship with the weakness in crude oil.
Thereafter, the CAD could undergo a correction, likely a sideways correction in a form of a triangle or flat. We expect the previous highs of 1.2680-1.2810 range to hold if any form of correction takes place.
Longer term, prices could extend towards 1.3500. (Read Report)