USD has been on a gaining streak against most currencies since the end of last week, which is gonna keep us alert on every movement that the USD makes this week. Without any major CAD news this, we could see greater USD gains across the pair, unless really bad data plays against the US. With Oil looking like it’s gonna make a turning point back south at 49.18, it can only help the USD pair who hasn’t been favorable in peoples eyes as of late.
Keep in mind that we are technically still in a down trend so we could possibly see reversals at the 55EMA for a double bottom, the 200 ema, but my bias since last week has been the monthly pivot point at 1.303. Seeing as we opened on the weekly pivot point of 1.287 we could expect price to reach weekly R2 which ends up being just above the monthly pivot point.