USD/CAD hits another 11-year high, what’s next
Slumping oil hitting Canadian dollar hard
USD/CAD is up 86 pips to 1.3406 as the loonie wilts. The pair is higher for the sixth consecutive day.
There is virtually zero traditional technical resistance on the chart as it breaks out after a month of consolidation. The technical signals were the reversals on the day before the Fed and immediately after the FOMC. After a quick two-cent fall, USD/CAD shot higher and finished the day up.