USD/CAD higher for fifth consecutive day
Oil prices are slightly higher today but that's outweighed by a weak reading in the July Canadian retail sales report.
USD/CAD rose as high as 1.3317 from 1.3235 on the data. For a period, offers at 1.3300 capped the gains but that level broke in the latest push.
The critical level to watch in the short term is 1.3310, which was the Sept 11 high. (update: it's already broken) A break may lead to a test of 1.3354, which is the cycle high.
The reversals on Sept 17 and 18 were dire signs for USD/CAD bears and they've proven their technical mettle over the past week despite mixed trading in oil.
For the remainder of the day, the mood in the US dollar and stock markets will drive the pair. S&P 500 futures are up 4 points after a 24 point loss yesterday.
