Also this aligns together with the fundamental direction: USD is strong (long-term; but mixed short-term) and CAD is weak (long-term and short-term).
(1) As long as I trade USDCAD , oil shocks will always be a problem. I like to avoid USDCAD all together most of the time, but I will give it a second attempt.
(2) After a 2 year fight, Opec came to an agreement. Maybe the worse is over. Market alrready priced in the oil news. It will be nice to see US News stay as well going forward.
This pair has been acting naughty today.
Canada's GDP report will be an important catalyst to boost my fundamental view in a bullish dollar and a weak Canadian currency.
If not, then, I will abandon this trade before Friday's end.
move stop to break-even or get out.