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USD/CAD dips to the lows of the week


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USD/CAD slips below 1.3150

USD/CAD has slipped through some short-term support. The driver is oil prices up 2.15% today.
Technically, this looks like it could be a double-top with 1.32 capping the pair. The break of 1.3150 — especially if it’s confirmed on the close — points to a deeper dive. The initial target for a move is 1.3115, which was the low late last week.
The danger here is the Fed. I don’t see any reason to rush into the trade until we get some clearer USD direction. On the CAD side, we will also get May GDP tomorrow with trade balance due on Friday.
The short version: I like the loonie, but what’s the rush?

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