USD/CAD up a full cent today.
It took some time but the fallout from the Alberta election has begun to weigh on the Canadian dollar. In addition, after hitting $62.50 on yesterday's EIA oil drawdown, WTI crude is down to $59.50.
A trade on the Canadian dollar at the moment is a trade on oil. However, I think crude has put in a top, at least for the next few weeks. USD/CAD has also traded out a minor double bottom on the 8 hour chart. It targets a retest of 1.24.
The jobs reports tomorrow are major events (US and Canadian jobs data both due) and expectations for the US are now extremely low. I liked the upside after the Alberta election results and I still like it. If the jobs numbers are neutral or positive for the trade, I like it even more.
