USDCAD surges to new highs helped by oils sharp fall
The price of crude oil has moved sharply to the downside today after doing the complete opposite yesterday. For the USDCAD yesterday, the price move moved (higher CAD) as it followed the rise in oil . Today, the USDCAD is moving sharply higher following the fall in oil.
Technically, the price today has been able to get above old swing area between 1.30757 and 1.30922. The current price is trading at 1.3096 after reaching a high for the day of 1.31066. It would take a move back below 1.30757 level (low of the swing area) to hurt the bullish bias.
On the topside, the next target area comes between 1.31274 and 1.31373 (swing areas between July 14 and July 15)
This article was originally published by Forexlive.com. Read the original article here.