As stated yesterday “Ultimately we are still bullish medium term on this pair unless 1.34600 breaks”. Looking into the pitchfork angle we are on our medium term axis at the 61.8% retracement of the decline and USoil hit a 127% extension at 33.45 at the same time therefore we are still looking for longs for a full recovery back to the 50%-61.8% move. BUY usd/cad on a pullback to 1.35000 area with a 40 pip stop looking for 1.38000. SELL usd/cad at 1.38000 area with 40 pip stop looking for channel bottom. Be aware that we may have ended the decline yesterday.
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