I forgot to post the chart of the USD/CAD this morning. This pair continues to trade below the 1.40 S/R level, has broken down from a recent triangle and has now also triggered a new TC SHORT signal. There is a lack of direction with the US$ at the moment but the increase with Oil price has helped to put pressure on this pair.

USD/CAD 4hr: a hold below the 1.40 S/R level, a new triangle break and a new TC signal. Another point in its favour is that the USD/CAD is now trading below the 4hr and daily Cloud in what looks like a perfect technical storm for this pair. However, cautious traders might prefer to wait and see if it can take out the recent ‘Double Bottom’ low though?

Oil daily: I realise Oil trades as a complex function of fundamentals and Geo-politics more so than technicals but note the daily triangle breakout and move to back up near the GFC low of $33.55. Any continued recovery with Oil would support the CAD$ and put pressure on the USD/CAD: