USD/CAD is flirting with the highest levels of 2013 as the pair challenges the July 5 high of 1.0609. A slump in oil prices to the lowest in 5 months along with tapering speculation are hurting the Canadian dollar. The pair hasn’t closed above 1.06 since 2010.
Technically, a break first targets 1.0675, which was the 2011 high.
USDCAD daily chart
Look for buy stops above 1.0610/15 and corporate sell orders at 1.0630. Above that it thins right out and could really run.
