USDCAD UPDATE

Hi guys, it looks like we are heading to 1.26200-1.26500. This is my TP. I expect very choppy market after reaching this resistance. I think that uncertainty with OPEC, possible raising rates with Bank of Canada and Fed will result a lot of moves back and forth in next 1-2 months. My strategy is to buy dips and close some shorts positions on mentioned moves. Overall, I'm more bullish about US Dollar, however, after 1.26500 it will be very hard to get to at least 1.3. Also, we have to remember that per COT data, hedgefunds are betting on CAD, so this is one more serious factor for us to expect a lot of resistance on the way up.

Good luck.