USDCAD soaring once again. New 11 year highs

2004 high at 1.3966 eyed

The USDCAD is soaring - breaking above trend line resistance on the hourly chart at the 1.3878 level. The pair has moved to a high of 1.3943.

Looking the weekly chart below, the pair is approaching the high price from 2004 at 1.3966. A move above will change the headline to USDCAD makes new 12-year highs.

Oil prices are trading at $35.02, -1.4% on the day. Earlier this week oil fell below the $35 level only to rebound back toward $38.00. Inventory data yesterday put an end to that rebound idea.