USDCAD Short bias; currently hovering around zone at which lies the following: FIB, R, Psycho. “Overbought conditions of 14 day relative strength index also favouring the pair’s latest pullback” -FXStreet. DXY support- “10-year US Treasury bond yield is losing more than 4% on a daily basis suggests that the DXY's correction is technical and is unlikely to gather momentum unless supported by fundamental developments”. Oil is currently consolidating on shorter time frame above the 4hr TL amidst signs that the global economy is continuing to slowdown owing to, among other thing, worries over trade tensions between China and the United States which could place further downward pressure on oil prices. These fears are heightened by the International Energy Agency reporting that supply exceeded demand by about 0.9 million barrels per day (bpd) in the first six months of this year.” Alternatively, given the fundamentals and trade concerns we could see and break below the 4hr TL which wouldn’t support shorting the loonie and may see continued movement upwards.
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