Downhill act will go on and later offer a rebound

The oil-backed Loonie has been taking down the pair for a third straight week now. But as the price reaches the oversold area, it is likely we will see a rebound from 1.4600 level. Before that however the pair will find support at 1.4630. Once recovering from the 1.4600 line, we might expect a buy opportunity from there for 1.4700.