The USDCAD is trading to a new cycle high and that takes the pair to the highest level since July 2020. The price high is trading at a new high of 1.3572. That level has taken the price above the high for 2018 at 1.35637 (a hurdle). The 61.85 of the move down from 2020 high comes in at 1.3650. That is the next major target on the weekly chart.
Looking at the hourly chart below, the price earlier had trouble on the break of the highs from yesterday and rotated lower, but has since moved above that high at 1.3543. That is now a close risk intraday for break buyers. Move below could be disappointing but until then the buyers are in control.
The USDCAD is getting a boost from the tumble in oil. The price is below the $80 level – trading to a low of $78.77. The 2021 close was at $75.37. The price is reaction to the expected demand destruction as a result of the global rise in interest rates. The price of oil is looking toward its 200 week MA at $77.45.