So the recent rally in US OIL back to the $50 mark has caused a retrace here to the trend line support level, alongside the 0.382 Fib retracement line.
What does that tell us, well we are at a peachy level to long the USD/CAD , however a few things to be mindful of
1. First and most importantly we have pierced the trend line support, and need a clear close above it on the daily candle for confirmation of an entry.
2. The DXY has regained slow control to the upside, we will attach a photo , and it doesn't really have anything in its way until the 102.00 level
3. Oil is on the rise ( slowly ) and we could see some short term strength from the Loony.
4. A strong data packed week ahead will give this pair plenty of volatility and a clearer direction.
We are on the side lines until next week ( Monday, Wednesday and of course Friday will offer some good opportunities)
Stay tuned as always happy trading and don't be shy, comments are always welcome :)