The USDCAD will be a great pair to watch today. The downside channel has been very much broken however take good notice of the area circled in blue. The price didn't make a whole lot of ground on the upside relative to its previous highs and showed some very unbalanced price action. Using pure channel-style technical analysis I'd have taken long positions from the 61.8 fib level, but the potential for downside movement looks pretty high based on that price action from yesterday. This'll be one to watch. Short trades from 1.40 are definitely on the cards however a clean break above that level could have the USDCAD soaring pretty high, especially if the retail sales number being released later on favours the USD.
Mike
Mike
Understanding yourself is synonymous with understanding the markets.