USDCAD looking to dive..?

FX:USDCAD   U.S. Dollar / Canadian Dollar
23 0 3
Not yet...
USDCAD             has been trading on the backfoot following Friday's poor US retail sales data and the current strength in oil             , we think it is too early for this pair to break 1.2900 and see another range higher still on the cards.

We would look at longs on a move out of the current downward momentum, above 1.2950 and would add in above 1.3000 which is key level in this pair for the next move.

A further leg down, below 1.2900, invalidates this view and pushes us to bearish for a move to 1.2500 area
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