USD CAD on Path for Near-Term Test of 1.1156

Lower equity and crude oil markets are helping to pressure the Canadian Dollar and boost the USD CAD.

Lower equity and crude oil markets are helping to pressure the Canadian Dollar and boost the USD CAD.

Technically, the main trend on the daily chart turns up on a trade through 1.0991.  The tops at 1.1101 and 1.1124 along with a 50% level at 1.1156 are the next upside targets.

The charts also indicate that a new secondary higher bottom may be forming at 1.0852.