USD/CAD fell hard enough on Wednesday to fill the gap that the open to the week produced. Gaps are normally supportive, but this one is counter-trend. The situation in the oil markets is proving favorable for the Loonie, and as such we see a break of the Wednesday low as a selling signal. Also, watch the $90 mark that is currently being threatened in the CL, the Light Sweet Crude NYMEX contract.
CAD/JPY is currently bumping up against a major support turned resistance area, and if the other Yen pairs are any indicator, this pair could be very benign for the time being, a perfect pair for range trading on the shorter time frames.
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