USD / CAD Rises to 1.4196, Highest Level Since April 6
The loonie is starting to see a somewhat deeper response to the drop in oil prices as the USD / CAD climbs to a high of 1.4196 on the day.
The price tests the waters above the April 16 high at 1.4182, approaching the level of 1.4200.
Looking at the daily chart, the key for buyers today would be to maintain a break / close above the 38.2 @ 1.4166 retracement level. It would be a good platform for further gains in the coming sessions if the fundamental outlook remains.
Right now, oil is heavily petroleum-focused, so keep that in mind, as unexpected headlines will have to be watched when assessing the loonie’s risk.