The same guy who told me to buy some weeks ago at .9785 is currently short and he expects the pair to fall sharply over the next few days. He says there are large stops below .9950 which will probably get triggered and he sees the pair falling to .9800 before the uptrend resumes. He’s short at slightly above current levels and has a stop above 1.0050, so I guess the risk-reward is quite good.
Don’t ask me about the Loonie, I refuse to trade it anymore. It’s taken enough of my ‘hard-earned’ for one lifetime!
Edit: Thanks to Kirill who makes a good point that the escalating violence in the Middle East could drive up oil prices which would of course favour the CAD.