The USDCAD is following Gold and OIL more than the USD. This correction does not have legs yet but it could surprise if the commodities move sharply lower. However, I'm still cautious of a much larger correction just yet.
Well... I did say it would pop and surprise... But I wasn't' expecting this kind of a gap... Wow... . So for now, I think it tries to fill the gap then heads towards 1.30 this week.
It's not even trying to fill the gap... hmmmm
Boy, this pair is on a roller coaster ride... It almost made 1.30. The reverse was expected. but again... not that fast. Oil can still potentially correct more... so I don't think the ride is over yet.