Oil rebound not helping the loonie
The USDCAD is extending to a new session high at 1.37484 and looks toward the high from Monday at 1.37559. A move above that high will have traders looking toward the topside trend line at 1.3770 area.
Taking a broader look at the weekly chart, the high price from Monday was the highest level going back to May 2017. The high price at that time reached 1.37923. That would be another upside target on further momentum.
The move higher in oil is not helping the loonie. The price of WTI crude oil is currently trading up $2.16 or 6.94% $33.28. Admittedly is off its high price of $34.60 but well above its low at $30.20.
US stocks are retracing some of the gains seen earlier. The S&P index is currently trading at 2793 after trading as high as 2848.36. The NASDAQ index is trading at 8112.9 after trading as high as 8249.41.
