The USDCAD has corrected lower from yet another new high/high level going back to April 2009. Oil prices have rebounded from lower levels earlier today. The US data was weaker. However, is the dip, just another buying opportunity.
USDCAD holds support against the broken trend line.
Looking at the hourly chart the correction is finding support near the low from yesterday and the broken trend line. That line had four tops before breaking higher on January 12. This is the second test of that broken trend line since that time. Buyers remain in control above this level.
