Canadian Dollar Consecutive Weeks Move Suggests Potential for Turn

Commentary: We maintain that the USDCAD is getting very close to a bottom. Historically, 8 weeks in a row in one direction tends to lead to at least a sizeable move in the other direction.

The red dots on the chart above signal 8 consecutive down weeks, which has occurred the last two weeks. This combined with parallel channel support and weekly RSI at 12 suggests that a low will form soon.
Strategy: Flat