The USDCAD has broken to a new high after oil fell below the $90 level for the first time since the Ukraine war.

The move took the pair back above its 100 and 200 hour moving averages at 1.2838 and 1.28419 respectively. The price is also looking to extend above a swing area up to 1.28584. The next target comes against a downward sloping trendline on the hourly chart currently at 1.2879.

Would take a move back below the 100 and 200 hour moving averages to disappoint the buyers.

USDCAD breaks above its 100/200 hour moving averages

For a review of the USDCAD and other major currencies from a technical perspective, him