The USD/CAD pair shot higher during the day as oil got pummeled. Because of this, I think if we can break above the 1.34 handle, we should then go to the 1.35 level given enough time. If the WTI Crude Oil market breaks down below the $50 handle, that should send this pair higher. In other words, you’re going to have to watch both markets at the same time as this is obviously a play on oil more than anything else. I have no interest in selling any time soon as oil looks so sick all the sudden.
Written by FX Empire