Trend line above stalls the move higher. More Trudeau comments.

PM Trudeau is speaking and part of what he says in response to comments made earlier this week about Canada's dairy trade from Pres. Trump. Those comments helped to push the CAD lower. A near 4% fall in oil also helped to weaken the CAD. Oil is little changed today. Trudeau's comments have led to a move lower but only a limited move.

Technically, looking at the daily chart, the pair is pushing against a topside trend line at 1.3499. The high price today? 1.3499. Of course 1.3500 is a nice round natural level to lean against too.

Now on the downside, the price just bottomed against the highs from April 4th and April 6th. Those highs stalled at 1.3454 and 1.3450. The low just reached 1.3455.

So up at the highs, we are trying to put a lid on the pair against 1.3500 and the trend line. ON the downside shorts would prefer to get below the 1.3450 level if going lower. In the mean time, however, traders are trading against the levels and watching the comments from Trudeau in the process.

Other comments:

  • We're looking at a period of pressure announcing
  • Levers on housing are national. Issues are local
  • People need to be able to afford their homes
  • My focus is making sure Torontonians can afford homes
  • criminals are making billions a year on pot sales
  • Canada is legalizing pot to better protect kids
  • global policies must help refugees return home
  • Canada has kept strong support for immigration
  • solution on North Korea will be found in collaboration
  • Exploring free-trade deal with China
  • Number of challenges on China / Canada trade pact