The USDCAD just fell sharply as oil prices remain supported despite the weaker US employment data. The pair slipped below the S3 ( 1.1514) . Earlier today the pair tested the key retracement resistance at the 1.1656 level (high was 1.1653). This area was not breached and this led to some selling. Higher oil, higher stocks and weaker US data has helped the CAD$ remain strong. If we can get a break of the key 1.1447 area then a move to the 240 trendline is possible and a break to the S5 at 1.1281.
