USD/CAD is in a recovery mode which we think can be corrective because of a sharp and impulsive sell-off down from 1.31815. Ideally, the market will find resistance today and turn south, while at the same time price should remain below 1.3114. Simultaneously, we see a sharp fall on crude oil where a corrective rally in minor three waves is expected that may help USDCAD find resistance more easily.

USD/CAD, 1h

Crude oil, 1h

Here is an outlook for 2020:

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