Crude oil higher on the day
The price of the USDCAD has moved back toward the low for the day at 1.44235. The pair is being helped by a rise in oil prices today. The price of crude oil is currently up $1.87 or 9.18% the $22.24. That is the good news. The bad news is that for the last week of trading, the price is down about -28%.
On the downside, there is a lower trend line at 1.4395 currently. A move below that level should solicit more selling.
Helping the sellers as well today is that the pair made a new high in the Asian session at 1.4666, but could not sustain that momentum. The buyers turned to sellers. Looking at the weekly chart, the pair has been running up toward the 2016 high price of 1.46892. The high price today got within 23 pips of that swing high (see the chart below).
Key long-term resistance above. Intraday support being tested below.
