Clearly, the dollar is gaining against the Canadian dollar and long USDCAD is a bit crowded at the moment. Moreover, we have upcoming Canadian economic growth (GDP) coming out this week which is expected to be stronger than the previous period at 1.5 percent from 1.1. percent. That is still pretty weak though, it doesn't come out until Friday, and there is plenty of other pressures, event risks, and themes that will likely play into trading this week. Overall, a weekly trend trader should go long while one expecting worse news in the global growth slowdown story to short. For those a bit cautious, just stay put however my general assessment is short.
If you want to find more of my charts and analysis, please check out my content at www.anthonylaurence.wordpress.com
If you want to find more of my charts and analysis, please check out my content at www.anthonylaurence.wordpress.com