USDCAD Forecast and trade idea

Fresh concerns over US tax reforms prompting some long-unwinding.
Canadian housing data/US oil inventory data to provide fresh impetus.

USDCAD pair extended overnight retracement and traded with a mild negative bias through the early European session on Wednesday.

Overnight sharp retracement in crude oil prices helped the pair to stage a strong recovery from the 1.2700 handle and move back above the 1.2800 handle.

However, the news about the US tax reforms plan, on reports that a key corporate tax cut could be delayed for one year, interrupted strong US Dollar rally and prompted some long-unwinding trade since the NY trading session on Tuesday and it continues on Wednesday.
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