Forex technical analysis: USDCAD moves back to the closing level

Highest price going back to August 2004

The dollar is trading at the high level for the day and in the process is seeing the USDCAD trading back to unchanged (at 1.3284). Earlier, the pair fell sharply lower on the back of higher oil prices. WTI Crude futures rose to 39.89 in trading today. But the price is back down a bit to 39.58 currently. That is still up on the day but traders may be more focuses on the better USD tone (EURUSD moves to new lows, GBPUSD moves to new lows. S&P is up 53 points)..

The high for the day yesterday came in at 1.3288. The low at 1.3141. The high today extended yesterday's range by 8 pips to 1.3296. The low reached the same low at 1.3141. Back to doing laps in the pair but we are trading near the highest level going back to 2004