I'm skeptical of commodities
holding up at these levels with renewed dollar strength, especially oil
. CAD has strengthened considerably and looks due for a pull back (higher). I'm targeting the 61.8% retracement
of the recent rally (lower) at 1.3790 by JUL expiry. Options markets are only pricing in an expected move up to 1.3367 by JUL expiry. This coincides with the current 200dma.