The USDCAD will be tied to oil and oil is volatile but the price has continued its move higher today. In the chart above the pair is testing the 38.2% of the days range which could provide trend resumption clues. If the level holds, the pair could see some additional upside potential.
On the daily, the trend down is still in charge, as the price remains below the upper trendline in the chart below. That level comes in around the 0.9711. Is it possible to get there? Of course. Last month the price was at the level. The non trending nature and break out over the last few days is a clue that corrective moves are in place and it could trend. So be aware.
PS Canada Ivey PMI due with expectations of 65.
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