USDCAD rejects triangle resistance.

The loonie probed stops above the 1.2800 level and closed back below the daily trend line (triangle). Crude oil has been pounded lower and the risk is growing that a bounce in crude could materialize this week which may allow for the USDCAD to slip back below channel support at the 1.2700 level and back “mid range” in the middle of the long term triangle consolidation. Especially after the “false breakout” of 1.2800 today.

Blake Morrow