USD/CAD rebounds from 5-week low
USD/CAD hit a five-week low of 1.3180 on the back of the Bank of Canada decision and the rip in oil prices but since then it's rebounded.
The low came almost precisely at the 100-day moving average and just above the December low, two levels I highlighted before the BOC.
It's been a sharp fall in this pair and it's declined into the 50%-61.8% Fibonacci retracement zone. Technically, that all adds up to the end of the retracement. Oil is also back into the $50-$55 range where it might find a bit of comfort.