USD/CAD touches a high of 1.3342, highest since 25 January
Price held the key trendline support again last week and buyers are leaning off that level to build on more momentum back to the upside. However, despite surpassing the 100-day MA (red line), price is now encountering resistance from the swing region between 1.3340-60 at the moment.
The loonie is among the weakest performing major currencies today alongside the kiwi and aussie, as oil prices are trading lower and headlines like this won't really help either.
Beyond the swing region resistance of 1.3340-60, the 76.4 retracement level @ 1.3384 remains a key resistance level as well. I reckon only a break beyond that will we see a further extension to the upside for USD/CAD.
