According to TJ Marta, Chief Market Strategist at Marta on the Markets, USD/CAD is dropping to the lows of the range: USD/CAD (1.0374) is down again overnight and continues to test lows since Oct. Support lies at 1.0352 (Jan4 low). Resistance lies at 1.0749 (Nov27 high), 1.0870 (Nov2 high), 1.0959 (Oct high), 1.0993 (Sep high), and then 1.10 (psychological). In terms of other assets correlating with USD/CAD, watch the CRB, crude oil (both negative), USD index (positive) and SPX (negative). The 10yr interest rate differential is rising in significance.
Ian Coleman, day trader at Turtle Index, gives us his scoop on the pair: USDCAD looks like it is heading lower to the previous low in the 5th wave (1.0300). All signals are bearish.