USD/CAD down 31 pips
On Friday, USD/CAD dropped after another strong Canadian jobs report but the pair rebounded yesterday as oil prices fell. Today, crude is higher by more than 1% and USD/CAD is on the defensive. There is also pressure on the pair with global stock markets climbing and some broad malaise in the US dollar in the past hour or so.
On the hourly chart the story is consolidation. The uptrend from 1.3070 was stopped cold by the jobs report and now the market is sorting out what to do next. It's safe to say that signals from US-China trade talks could be what drives the next leg but a hint will also come from a break in either direction.
