Touched 1.4000 and quickly backed off
The USDCAD reached to the 1.4000 level in trading today. The first time it has done so going back to the week of August 24, 2003. Yes 2003.
The price quickly backed off and has recently dipped below a broken trend line at the 1.3912 level. The pair is also below the close from yesterday at 1.3937. The next target on the downside comes in at 1.38739. The 50% and trend line support below that comes in at 1.3835 and 1.3822 respectively. The 100 hour MA is rising and stands at 1.3800 even.
The fundamentals are not that great for the CAD. CPI was lower today. The wholesales sales data was also weak (once again). Oil price today are up 1.06% after making a new multi year low at 34.39, but could not muster any more momentum lower. Looking at the daily chart of Crude oil below the next key support comes in at $33.27.
