USDCAD has been choppy most of the week, and seems to be finding resistance at the 21 ema. We would like to see a break of this level before expecting any higher retracement to the 38.2-50 % level, especially since it seems like Oil wants to get back to the upside. Oil might find resistance at the 200 ema once again for a double top, in which case would help the USDCAD rise. At this moment we might want to stay on the sidelines until next week and see how this reversal is going to unfold.

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USDCAD D1

WTI D1

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Guy Pelletier

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