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USD/CAD touches a high of 1.3473 on the day
It’s a slow and steady climb for USD/CAD in the session as price moves back above the 100-hour moving average of 1.3465 to now establish a more bullish near-term bias once again. Of note, buyers leaned on support from the daily swing region around 1.3445-50 since last Friday to build on another attempt towards the 1.3500 handle again.
It’s still early days for the pair in trading today as the range sits in a measly 24 pips but we could start to see buyers build more conviction for a move higher as oil prices are down once again. Brent is down by 1.4% to $71.15 currently and the sluggish performance isn’t really lending a helping hand to the loonie today.
Key daily resistance lies at the 1.3500 level with further resistance seen at last week’s highs around 1.3520. Beyond that, there is swing region resistance close to 1.3540 before buyers will be aiming for the late December/early January highs of around 1.3670.