Loonie rose in yesterday's European session only to reverse all of its gains and some in the U.S. session. The pair effectively catched up with oil, which had been rallying strongly all day.

50 DMA was the level that capped it and remains the first level to overcome if the pair wants to re-establish bullish bias. It is currently trading just below 2008 high (1.3064) and about 50 pips above 100 DMA (currently ~1.1310). If these two level give way, October low (~1.2830) and weekly trendline will come into focus.

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