USD/CAD hit the resistance line of the bull trending channel it's in on the daily chart which should send it down, but oil is heading down which should send it up, thus I think it's going to trade sideways until it hits the channel support line and then head up.
That said, US dollar index is poised to either break up or get turned down today, and USD strength or weakness always supersedes what's happening with the Loonie.
Carney's been hinting at a rate hike which wouldn't be announced today, but today's BoC monetary policy report or his comments afterwards could still change things. Also, US housing data could affect this pair since good data is good for the Loonie (boon for Canadian lumber) but it's also good for USD, so it's better to trade non-US pairs like the EUR/CAD or CAD/JPY to take advantage of good or bad data that affects the Loonie. There's also FOMC and US rate decisions later, but I don't expect anything to come from those.
For daily scalping, if there's not a clear reason to trade a specific pair, I look at all the currencies and decide which is the strongest and which is the weakest and trade that pair, and at the moment it appears to be the EUR/AUD which has fallen 125 points so far. So from a Canadian dollar standpoint, if the Loonie weakens today, AUD/CAD might be the best pair to look at assuming the Aussie remains strong, else if the Loonie strengthens EUR/CAD might be the pair to go with provided the Euro remains weak.
That said, US dollar index is poised to either break up or get turned down today, and USD strength or weakness always supersedes what's happening with the Loonie.
Carney's been hinting at a rate hike which wouldn't be announced today, but today's BoC monetary policy report or his comments afterwards could still change things. Also, US housing data could affect this pair since good data is good for the Loonie (boon for Canadian lumber) but it's also good for USD, so it's better to trade non-US pairs like the EUR/CAD or CAD/JPY to take advantage of good or bad data that affects the Loonie. There's also FOMC and US rate decisions later, but I don't expect anything to come from those.
For daily scalping, if there's not a clear reason to trade a specific pair, I look at all the currencies and decide which is the strongest and which is the weakest and trade that pair, and at the moment it appears to be the EUR/AUD which has fallen 125 points so far. So from a Canadian dollar standpoint, if the Loonie weakens today, AUD/CAD might be the best pair to look at assuming the Aussie remains strong, else if the Loonie strengthens EUR/CAD might be the pair to go with provided the Euro remains weak.
You can always make money tomorrow provided you don't lose it today.