USD/CAD rose on Monday, only to fall with a pop in the oil markets. This pair is negatively correlated with the oil markets, and the bounce back in the CL contract sent this pair much lower. However, this pair recently broke resistance, and this may simply be a retest of the parity level. We think a break of the Monday lows could send this pair looking for 1.0050 or so.
AUD/CAD formed a massive hammer just above the parity level on Monday. The pair should be interesting to watch as they are both commodity currencies. With a break of the Monday highs, we could see 1.0250 tested quickly, and beyond that - 1.04 or so.
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