USD/CAD is at its lowest levels since the summer of 2008 when oil prices were pushing $150. Oil continues to rise sharply today on hopes that the global economy is on the mend as the US posts its most upbeat employment report in three years and the service sector of the US economy picks up the pace.
Very strong support for the dollar is in the 0.9990 are and is the next target for the Loonie as it rides the oil wave higher. We trade now at 1.0032, below 1.0060/70 resistance.
