The CAD/JPY pair rose for much of the day, and even managed to break above a bit of a downtrend channel that has been pushing this pair lower lately. Too bad it couldn't hold it. However, the bearish set up looks like a return to consolidation - not a meltdown coming.
The USD/CAD pair found itself bouncing for the session on Wednesday as the oil markets sold off. There was a build in the oil inventories numbers for the US, and as a result we were always going to see CAD weakness.
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