Our trade plan with the CAD has stayed the same so far since last week, but time has allowed us to refine our trade plan. We were looking for 1 of 3 retrace areas to join the downtrend with the MPP as our area of choice around 1.30-1.303. Hopefully the Jackson hole event will give the pair just enough push to this area for the bears to get back in the game, UNLESS!!! Janet Yellen says something that would be a real game changer for the USD.
In any case here are two scenario’s which I am expecting for the USDCAD pair.