The USD has been selling off quite a bit and at the make or break for a new trend. The DXY
is in a free fall currently pointing to further downside. The CAD on the other side is still bullish
at the moment, oil
also held the key $28 level today, which is quite important. As far as the USDCAD
technicals we are testing the key level of 1.40, where a trendline
is present, and the 8/21 emas. This is a great sell opportunity of 3:1 targeting the 1.352 area where I expect to hold because of the .618 fib level and trend line
. I'm not a huge fan of trading the USDCAD
because it's tricky, but I like my odds here.