USD/CAD breaks above May high
The Canadian dollar hasn't been able to take advantage of the latest oil rally because forest fires are curbing much of Alberta's production.
Now, oil prices are sagging and the US dollar is ripping, adding to the momentum and pushing USD/CAD above the May high of 1.3015.
The pair is trading at 1.3026, up 140 pips since before the FOMC Minutes. The suddenly-rising chance of a June hike has lit a fire under the US dollar across the board.
Technically, the rally targets at least the April high of 1.32 and a potential inverted head & shoulders pattern pointing towards 1.35 is also in play.
