USD CAD Rallies Despite Firm Crude Oil

Despite higher crude oil, the USD CAD was able to post a modest gain.  The Main Trend is up.  At this time the trend is not being threatened.

Despite higher crude oil, the USD CAD was able to post a modest gain.  The Main Trend is up.  At this time the trend is not being threatened.

Clearing the minor retracement zone at 1.1298 to 1.1419 has this market in a position to rally to a major retracement zone at 1.1922 to 1.2191.

If this market does start to form a short-term top then look for a short-term correction to 1.2289 to 1.1207 before new buyers step up.

Like the Euro traders are concerned that the rapid rise in the Canadian Dollar may hurt Canadian exports.  Traders fear the Bank of Canada may take action to limit the upside of the Canadian Dollar if prices get to lofty.