USD/CAD briefly touching a high of 1.2794 for the day
The pair held onto the 9 November low of 1.2668 last week, and has since inched higher this week. The chart shows that it's not exactly a perfect wedge, but the range is narrowing. It looks likely we're going to test the top end of that range as it attempts to break out of it.
To the topside the 27 October high of 1.2917 will be the next level to look out for if the pair breaks out from the current range. To the downside, there's not much support after the 9 November low. The only likely saviour is the end September high which is around where the 100-day MA is hovering right now at 1.2564.
Oil prices have declined over the last two days, and that's not really helping the loonie too much. WTI is down 0.83% for today so far.
Do be wary of the risk event on the oil front tomorrow, as we have the OPEC meeting in Vienna.
