What’s holding USDCAD back?!

At the time of this posting, USDCAD hasn’t really moved for the day despite all major pairs being relatively volatile today.

While the US dollar has been soft for most sessions today, Risk remains off.

The oil industry contributes 3% to the Canadian GDP. For the moment I am monitoring oil prices. If we see a bounce in oil, expect this setup on USDCAD to follow through.

I’ll post my USOil price projection next.