Run to the upside sees the price retrace back toward unchanged area
The USDCAD moved higher on the back of better US data and perhaps falling oil prices. The high price spiked up to 1.24566, and in the process traded at the highest level since October 13.
As fast as the price moved higher however, the price has now moved back to the downside - nearly erasing all of the gains in the European session. The low just reached 1.24098 while the European low extended to 1.24045. The close from yesterday came in around 1.2409.
The price action seems to be driven by flows as oil prices continue to move lower (should be bearish for the CAD/higher USDCAD), and trade down to $80.66 between support between $80.58 and $80.78. Nevertheless for now, the price the client has stalled near the close from yesterday. That might be a barometer for the pair going forward today
