The last couple sessions the battle around the 1.3070 level in the USDCAD has been fierce. Traders know this is the long term trend line dated from 2012 till present.
The news over the weekend about the drone attack of Saudi Oil fields put a significant bid in the oil market, and that translated to a bid in the CAD respectively.
The GBPCAD came within striking distance of the 161% Fibonacci extension of the summer 2018 lows to 2019 highs.
Last week we highlighted the NZDCAD which had the potential to rally. Today, we will highlight the EURCAD which is sitting on weekly trend line support.
The NZDCAD has a descending wedge into a 61.8% Fibonacci level. The Descending wedge already is a signal for a bullish reversal.
The BOC decision Wednesday may have a little more impact for the CADJPY considering the major confluence of resistance we hit today.