The USDCAD has moved higher with the US dollar today, and was goosed even higher after Canadian CPI data came out weaker than expected 0.3% versus 0.6% expected. The year-on-year fell to 2.8% from an expected 3.1%.
The move to the upside has extended up to a swing era between 1.36049 and 1.36269. That – along with the 61.8% retracement of the move down from the November high at 1.3623 – will provide some stall potential after the run higher, but the buyers are more in control.
In this video, I outline the run and the key technical levels in play.
This article was written by Greg Michalowski at www.forexlive.com. Source