Could we have seen all the Canadian Dollar strength now priced into the USD/CAD market? With Oil strengthening, Canadian equities rallying today, the Canadian Dollar has failed to react, instead of a lackluster trading session, which could well signal the end to this rally.

On the monthly timeframes, one can see strongly supported prices sub 1.20 and the FX pair has failed to breach the level. On the 4HR time frame, we could see a shorter-term momentum play, perhaps against the bear trend, above the triple tops at 1.21417, with a target above 1.21635, then up to 1.22571 – Fib Levels, from the rally at 1.26352.

What do you think about this play?