USDCAD today held strong above 1.40 while oil closed below 30$.  If price continues past the D1 21 EMA we could see a retest of 1.43 and therefore look for opportunities to join the trend. We will definitely be keeping a close eye on oil inventories tomorrow, bad data might be all the USDCAD needs to push up higher past the 1.411 or the 21 EMA.

USDCAD Daily

USDCAD D1 02:02:16

WTI Daily

WTI D1 02:02:16

On the H4 price closed above the 21 ema which is a good sign of what is possibly to be expected tomorrow.

USDCAD H4

USDCAD H4 02:02:16

Since it’s the beginning of the month I like to look at the bigger picture, and looking at the monthly we can see that USDCAD had a major rejection of price at 1.47. Is todays move simply the beginning of a retrace to last months rejection price for the down trend to resume? Something to think about, and to look out for.

USDCAD M1

USDCAD M1 02:02:16

 

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