Commodities have reversed today and so have commodity currencies. Most notably, the Canadian dollar, which has been trading like an oil proxy for the past 3 sessions.
After cilmbing as high as 1.1459 shortly after the weekly open, USD/CAD has been in freefall down to 1.1330. That one pip below Friday’s close — a bearish reversal but only fractionally.
The broken trendline is at 1.1307 today and offers lurk at 1.1300. If that goes, the orderboards and technicals thin out until 1.1250.
USDCAD daily chart
