USDCAD yesterday got lower based on the push of oil and saw the failed pinbar we were laying our eyes on. Not a big deal we move on as our analysis stays the same as we entered the support zone we identified earlier on. The USDCAD today will depend on 2 things, the BOC interest rate decision and the crude oil inventories. If the BOC shows sentiment of worry by cutting rates we could see prices rise in the USDCAD, if they don’t seem worried then we could see a lower low down to 1.268. The market at the moment in the london lunch session seems to be front-running the counter trend trade, but as we saw yesterday anything can happen as there was a same sentiment yesterday around the same time.
1. If you wanna front run the BOC counter trade buy low and move stop to break even
2. Wait for New York open and the BOC decision and join the trend.
Trade Safe !!