USDCAD Analysis
A pullback on USDCAD would provide us with a good opportunity to go short on this pair. We will see 3 confluences with the 200 day MA lining up with a previous support zone and key fib levels within this area too. Fundamentally, If we are going to begin to see the price of oil starting to rise we will also see the CAD appreciate in value too. From a COT perspective banks are continuing to add short positions to the CAD which would suggest we will be able to see price continue to push higher. We will be looking to see how price reacts from our area to see if we can find any reaction and then the COT for confirmation.
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