When something can't rally on good news...
A 27% rally in oil prices couldn't boost the Canadian dollar. GDP at -0.5% compared to -1.0% couldn't boost the Canadian dollar.
Now oil prices are coming off and risk sentiment is deteriorating. It's only a matter of time until the Canadian dollar wilts (ie. USD/CAD gains).
The chart formed an inverted head & shoulders today and a break of 1.3233 targets at least a return to 1.3327 or last week's high of 1.3354. And that might be just the beginning.
