Crude oil trade at $21.71 down 19.4%
As crude oil craters even more today (down $5.27 were month -19.5% at $21.64, the price of USDCAD has surged.
The range for the pair is 484 pips. The prices up 440 pips of that move in trading today.
Technically, looking at the weekly chart, the pair is getting closer to the 2016 high price of 1.46892. The high price today has reached 1.46496 so far.
Looking at the 5 minute chart, the price has been and higher with little in the way of corrective moves. The last moved to the upside has the 38.2-50% of the leg higher at 1.4578 to 1.4595. A lower trend line cuts across on the downside at 1.4566. It will take a move below each of those areas to hurt the technical bias a little. That is the minimum.
