USDCAD...Short Term CAD Strength

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
This week the BOC Gov Poloz spoke with a dovish tone, despite this the market took a bullish stance on CAD leading to some short term strength. The probability of a rate hike in July moved from 90% probability to 55% probability and has left investors disappointed.

Looking at the technical analysis we followed the higher timeframe uptrend leading to our upper targets and 127.2 extension at 1.3370. We expected some short term strength to re-enter the market at this over extension and managed to trade the CAD strength on EURCAD shorts. We expect CAD to strengthen slightly as OIL looks to also break the highs of $72.00. We have to be aware that price will be in a retracement phase and keep to short term trades only.
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