USDCAD Overview for this week might still be in transition for our retracement. As previously mentioned a few weeks ago our daily pinbar is still in play off support of 1.287. We would ideally be looking for a 50% retracement of that pinbar as we can see in our D1 chart.
Looking at the weekly we had a bounce off our 8-21 ema, and we should be weary on a rejection from that level again. If this level is broken we should be on our way to our 1.36 area.
Another chart to look at regarding the CAD is the WTI chart, and could be looking to go long on the USDCAD IF there is a rejection around the 150-200 ema area. If oil gets much stronger so will the CAD and at that point we’ll have to revise our strategy.
Trade Safe !!