CAD seems to be stuck in a range between 1.40-1.36, and seems to be losing strength as of late. While Oil production cuts talks are still being sorted, without anyone really committing to anything we could see this market be in a range for a while. We do not have much CAD news this week, so the price will be very dependant on market sentiment about Oil.

At this point we are looking for a clearer signal in the lower time frames to decide if this pair will continue in its uptrend, especially after having price being rejected at 1.36 more than once which just so happens to be the weekly 8 EMA. As we can see in the past, the pair like to bounce off that area to continue trend. I would be expecting some USD strength this week.

Great weekly trading everyone

USDCAD Weekly

USDCAD-W1-21-02-16-1024x374

WTI Weekly

WTI-W1-21-02-16-1024x376

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