USD/CAD hits resistance
USD/CAD cleared the 1.3300 level in the latest push and is up almost 150 pips from the lows yesterday.
It's gotten life from the broad US dollar rally on the heels of the Fed hike and hawkish commentary. The bad news for the USD/CAD bulls is that it starts to get tough from here.
The high so far is 1.3308 which exactly matches the 38.2% retracement of the fall that started on Friday. If it can climb above then it will hit Tuesday's high of 1.3325.
The economic calendar won't be a factor until late next week until April Canadian retail sales data.
Keep an eye on oil. After the drop yesterday, it's barely bounced and that's not a great sign.
