In the USDCAD today not much has changed, we are still looking to be sellers on any retracement to resistance around 1.39 or any bounce off of the daily 8-21 ema as long as resistance holds. As expected Oil broke the decending triangle that was mentioned in yesterdays post, and went to retest the previous support area at 27.90$. With the Crude Oil data coming in tomorrow, it will be interesting to see if prices will drop further and therefore give some USD strength or try to bounce back towards the top of the resistance at 35.00$. If Oil price decides to head back towards resistance, USDCAD might be well on its way to the support area of 1.345$

Beware of market volatility pre crude oil release as Fed Chair M.Yellen will testify on the economic outlook, and monetary policies to come.

 

USDCAD D1 09:08:2016

WTI D1 09:02:2016

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