Oil pushing the psychological $30 per barrel level
Like a broken record...the oil prices are down nearly 4% today and presses the psychological $30 per barrel level. This keeps the bid in the USDCAD.
The pair is making new 12+ year highs once again as it breaks above a topside trend line on the hourly chart (see below). That trendline comes in around the 1.4278 level. a move back below that level would be needed to potentially take some of the momentum out of bullish bias as there is little else in the way of upside resistance at the moment.
