Short term short long term long? Loonie (USDCAD) 120916

Lots of CAD weakness last week after some poor data releases. Should the bull trend continue today then you’ll notice the immediate opportunity on H1. Looking at H4 and H1 stochastic I am thinking we may see some downside – should this be the case I am looking for entries within the fib zone on H4/ H1 from Friday’s low and the previous high. Should we come down to this area and come off WPP then the target for the week is WR2. I am aware of the resistance up ahead on Daily. Keep an eye on comments out of the FOMC leading up to next week Tuesday’s rate decision. Also pay attention to oil.

Note:
a. Please read Kate’s post on Forex Major Currencies Outlook everyday so you are up to date with the latest news. You can follow Kate here
b. Please be aware of risk events for the day by using the Forex.Today calendar
c. Watch Wayne’s webinar daily at 13:30 SAST or catch the recording on the Forex.Today Youtube Channel

USDCAD Daily

USDCAD H4

USDCAD H1