The USDCAD pair failed to rise above 1.34 resistance after playing the range during the Asian and European Session even though Oil was on the rise. Seems it was just a time bomb waiting to happen as everyone was waiting for the FOMC speech where it was announced that USD would not raise interest rates. USDCAD  ended the day at a low of 1.309 having dropped from 1.34.

We could look for further downside at the moment on a retrace anywhere in the 1.32 area with a possible next stop to be in the 1.285 area which is a major event area. As usual we will keep an eye on Oil markets for a further lead on what may happen.

Happy Trading

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Guy Pelletier

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