USDCAD powers to new 2018 highs on weak crude prices.

The USDCAD rallied to new highs for 2018 as crude oil pushed below the $47 level today. The weakness in crude attributed to the CAD weakness pushing the pair to channel resistance and the 127% extension. The risk is that the RSI has not gone overbought but at the same time it is divergent which could be a headwind for the bulls. While above the 1.3380 level we are in bullish breakout territory.

USDCAD Ascending Channel

Blake Morrow