The lowly loonie is the worst performer today and the pain is accelerating ahead of the weekend.
USD/CAD is at the highs of the day, up 32 pips on the session to 1.0680. The pair slumped in Asian trading, hitting 1.0620 before the recent wave of buying.
The key zone is from 1.0700 to 1.0738. The pair has been unable to hold gains in that area but is geared up for another run. I’m optimistic that we’ll see new highs. From a technical perspective, there is a solid series of higher lows since December 12.
USDCAD daily
The bear case is that a head & shoulders pattern could be forming and if the support line on that chart breaks, it could target 1.04.
