Crude oil is higher and above $62
The USDCAD has traded to the lowest level since October 29th. Crude oil continues to move higher. It currently trades at $60.12 up $0.39 or 0.63%. The high price extended up to $62.25 today. Higher oil is helping to strengthen the loonie. The USD is also weaker. The NZDUSD is trading at the highest level since July as is the AUDUSD. The EURUSD is also trading at the highest level today since mid-August.
Looking at the USDCAD on the daily chart, the price has moved down to a low of 1.3062 today. A lower trend line cuts acrosss at 1.3058 today. That line was last tested on Friday and the price bounced. A move below would be more bearish for the pair, with the October low at 1.30414 as the next downside target.
Drilling to the hourly chart, the price action today is up and down but the corrections are limited If the trend line on the daily chart does hold support, it would take a move above the 38.2% at 1.3102.
