In the USDCAD today priced moved higher up to the 1.40 psych/ 21 EMA level but still managed to close below the 1.397 resistance. Further retest of this level could be a good place to rejoin the short term downtrend. If price breaks this level then we would be looking to further upside and resistance around 1.41 area. Oil has made new lows but Stochs and RSI seem to be telling us that it might soon have found a new bottom, therefore we could be on the look out for price action reversal signals for a possible correction to the the upside.

 

USDCAD-D1-10-11-Feb-2016-1024x375

WTI-D1-10-11-feb-2016-1024x376

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