USD/CAD rises to 1.4196, the highest level since 6 April
The loonie is starting to see a bit of a more profound response to the weaker oil prices as USD/CAD races to a session high of 1.4196 on the day.
Price is testing waters above the 16 April high @ 1.4182, closing in on the 1.4200 level.
Looking at the daily chart, the key for buyers today would be to hold a break/close above the 38.2 retracement level @ 1.4166. That would be a good platform for further gains in the coming sessions if the fundamental outlook remains.
There's a heavy focus on oil in the market right now, so be mindful of that as unexpected headlines will be something to watch out for in assessing risk in the loonie.
