Trades to a high of 1.4450... make that 1.4467
The USDCAD has move to yet another new hi going back to 2016. Oil prices continue to get creamed helping to weaken the loonie. The price of crude oil is currently down over $3 or -11.4% to $23.87. The the low price reached $23.60. The price of the USDCAD just printed 1.44675.
Looking at the weekly chart, the pair only has the January 2016 high price of 1.46892 as a topside trend line January 24, 2016 swing high at 1.43245. That is a risk/support level now off of that chart.
Drilling down to the hourly chart, the price move in the current hourly bar has taken the price above a topside channel trend line at 1.4418. Stay above that level and the buyers remain in control intraday. Move below and there MAY BE some corrective downside action on the failed break.
Bulls remain in control.
The BOC is just saying they will not be announcing any additional action today.
