January 27, 2023

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USDCAD trades to new week highs

1 min read

Crude oil lower.  Dollar buying. Yields higher. Stocks lower.

The USDCAD is moving to a new week high as crude oil moves lower, the dollar moved higher as yields move higher and stocks move lower.  The combination is a negative for the CAD and a positive for flights into the USD.

Crude oil lower.  Dollar buying. Yields higher. Stocks lower.

The pair is currently up testing the September 9 high price of 1.27269 after moving above its 50% retracement at 1.27204 of the move down from the August 20 high to the September 3 low.  A move above 1.27269, opens the door for a move toward the September 8 high at 1.27607. 61.8% retracement of the move down comes in at 1.27742.

The swing high from Wednesday at 1.270781 is now a risk level. Stay above is more bullish

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