Moves above 1.4000.
The USDCAD is trading at new high levels going back to August 2003. The pair took out the highs from Dec 18 at the 1.4000 level. The price of oil is down about 1.58% to $36.18. The low has reached down to $36.02.
The swing high from July 2003 comes in at 1.4164. That will be an upside target for the pair. There is not a lot before that level.
Looking at the hourly chart, connecting recent highs shows topside trend lines at 1.3996 and 1.4012. The high price from December/2015 was at 1.4000. These levels are now support/risk for traders. Stay above, and the buyers remain in control. Move below and traders might be looking for more corrective action.
Earlier today, inflation readings were weaker than expectations with industrial product prices down -0.2% (est +0.1%) and will material prices down -4% for the month of November (est. -2.5%).
