The usdcad has moved up 200+ pips, is this a longterm reversal ?!! oil prices have been higher and I thought the CAD is highly correlated with oil prices…?
This is just a minor pullback in the bigger picture as it continues downward. Its sold off hard the last few days and needs to bounce sooner or later. I think that is what we are seeing.
The trend is still decidely bearish until proven otherwise. It has simply pulled back into to measured resistance and is currently failing to break those levels.