The actual CPI data was very mild considering what yesterday's BoC comments lead us to believe, and since anticipation of much worse news was already priced in by the time of the CPI release I'll wait until we see 0.99 (and 80.0 for the JPY/CAD pair) attacked and defended before I re-enter bearish CAD positions because I think the "big move" is over.
I also think the direction of USD is what's going to drive this pair so I'm taking a look to find the best technical set-ups pending US housing data in a few minutes. I think USD/CAD is in a bull channel and the best we can hope for today is 0.9950 which coincides with the top of the channel, resistance from peak of the bounce in August, and the 61.% percent extension of the Fibonacci from the recent 0.976 low to the 0.988 high on the daily charts.
I also think the direction of USD is what's going to drive this pair so I'm taking a look to find the best technical set-ups pending US housing data in a few minutes. I think USD/CAD is in a bull channel and the best we can hope for today is 0.9950 which coincides with the top of the channel, resistance from peak of the bounce in August, and the 61.% percent extension of the Fibonacci from the recent 0.976 low to the 0.988 high on the daily charts.
You can always make money tomorrow provided you don't lose it today.