There was USD Strength today against the CAD but prices still managed to close below the daily 8 ema amidst the price rejection from 1.37 in the European session. We still seem to be in a range at the moment between 1.397 and 1.375. A price closure above 1.40 would push prices back to the upside as a close below 1.37 support would give way to a lower level.
We could expect higher USDCAD prices in the next day or so as Oil seems to want to push lower, but I wouldn’t be surprised to see higher Oil prices by the end of the week, as we are still keeping an eye on last week price action signal and a retracement for a good entry as mentioned in the weekly post.
This market is really dominated by sentiment at the moment, and it would be a good idea to keep an eye on whats going on in the world of Oil for further strategy. Here is an interesting article I found on what is going on at the moment.
