Moves above trend line resistance/high from last week
The USDCAD has pushed to new session highs. The better ISM/construction data and lower oil has helped to push the price above trend line resistance on the daily chart and the high from last week at the 1.2537. The high has extended to 1.25417 so far.
On Friday, the GDP data came out much weaker than expected and the USDCAD surged on the data, only to give back all the gains when oil prices shot up over 4%. Today with oil down about 30 cents, and back below the $60 per barrel at $59.84 currently, the market is getting another look at trading above the 1.2500 level.
The good news for the buyers, is that on the dips, the 100 hour MA (blue line in the chart below) have been able to hold support.
Staying above the high from Friday at 1.2526 will be close support
