USDCAD failed to break the 1.0105 resistance and was in consolidation mode, we have since broken the key support of 1.10 and are now approaching some key support levels at the 1.0958 and just below the 1.0941 pivot.
USDCAD 1 hour chart
The recent move up to 1.0152 looks to me corrective in nature and from a technical stand point this hints at further downside through the 1.0856. However, from a fundamental stand point we have the FOMC tomorrow evening and then the non-farm payrolls report on Friday which are likely to be bigger catalysts for the overall market trend then the technical outlook. When the two are not aligned I favor patience.
