USDCAD Cup and Handle

Stocks declining, as well as the drop in commodity prices, specifically oil, will push the Loonie lower in the medium term. A continued flushing of the record net speculative long in Crude Oil, as well as Bank of Canada president's comments about needing to keep interest rates low for the forseeable future, and USD rising interest rates and eventual risk off sentiment should propel the USDCAD above this important 1.3410 year open and previous major pivot and towards the 1.355, then 1.376 and 1.4 levels.