CAD at the weakest since June 27, 2017
The USDCAD has moved to new session highs. The CAD has not been this week since June 27,2017.
Technically, looking at the daily chart above, the price targets a topside trend line at 1.3258.
The price of the USDCAD has soared higher from last Thursday's low. A combination of Fed and trade concerns (lower oil too) has helped to trend the pair higher. ON Thursday, the price broke above a topside trend line on the hourly chart (see chart below).
After the break, the price retested the trend line at 1.30828 before racing higher.
Today is more up and down, but the correction of that last leg higher is stalling the pair near the 38.2% -50% area (see yellow area). Stay above that area, and the buyers are more in control. Move below, and the trend run may be over. That area comes in at 1.31465-615.
