Consolidation likely for USDCAD with bias for the downside.
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Pair sits in a tight range and the USD continues to hold a bearish bias. Since oil has been such a hot topic, and is often correlated with CAD strength, we do think this pair is headed for 1.28 over the coming weeks. This is in conjunction with the fact that oil prices have stabilized considerably over the past few weeks. A far reaching call from a lot of major sources that were predicting prices as low as $15 a barrel for the year. Major resistance comes in at 1.3174 with the Daily 200EMA but moving into London we expect price short term to be capped at 1.3115 and back into support around 1.2970.
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