11 October 2016 at 8:13 GMT
USDCAD seems to be stalling and possibly about to give a change in trend signal imho. If we are to utilise a rolling 3 day trading range as a measure of sentiment then the usdcad has just shown some weakness. Likewise the 5 day momentum shown at the bottom of the chart suggests the loon is lacking impetus/direction. Regardless of market opinion on oil the usdcad needs something to give it a directional move. Long term underlying remains bullish as shown with the blue parallel channel lines but a break below todays low of 1.3162 would trigger a short order for me to see if we have a sharp drop !