Commentary on what's up with the USD/CAD

Forexmentor.com Forex Trading Price Action

So, what’s up with the Canadian dollar? It’s (USD/CAD) fallen off quite a bit. The only thing I can say is that oil prices have failed to breach the $60-dollar mark, and in the futures world price has gapped up – meaning that normally gaps have to be filled, which would continue the downward momentum (upward momentum as far as the forex pair is concerned).

So, I remain cautiously optimistic that the pair still has legs. I know I’m getting a lot of heat on this, but so be it. I will be keeping an eye on oil prices, and where price goes in the futures world. Sure, we had a good jobs report last Friday, but the other aspects of the economy have not changed. I see this week as being strategic as to where the pair goes next.

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