The correlation between USDCAD & Oil (crude oil WTI) since US-Iran prompted escalatory environment is depicted within a consolidation for almost a fortnight. This fraught situation will last at least till Trump and Putin attend the G20 meeting in Osaka on June 28-29. In terms of Bid-ask, keep the bid floating for a better revenue.
In parallel, as we wrap up an uptrend in oil along with the positive USDCAD correlation, the latest consolidation outside the yearly triangle should comfort a test towards 1.3670 once a 2-day close above 1.3520 is triggered. This scenario holds as long as the price doesn’t sudden drop towards the base of the triangle, an unlikely scenario during muscle manifest that will end in exploding some nuclear in the Middle East. A close below the base negates the pip’s revenue.