Crude oil lower. Dollar buying. Yields higher. Stocks lower.
The USDCAD is moving to a new week high as crude oil moves lower, the dollar moved higher as yields move higher and stocks move lower. The combination is a negative for the CAD and a positive for flights into the USD.
The pair is currently up testing the September 9 high price of 1.27269 after moving above its 50% retracement at 1.27204 of the move down from the August 20 high to the September 3 low. A move above 1.27269, opens the door for a move toward the September 8 high at 1.27607. 61.8% retracement of the move down comes in at 1.27742.
The swing high from Wednesday at 1.270781 is now a risk level. Stay above is more bullish