The 1.3967 is being tested
The USDCAD is trading at new session highs as oil prices whip around and are now trade near session lows at 36.61. Oil prices were initially higher today after the mid east tensions. The high price of oil reached 38.41 at the peaks today.
The USDCAD price is currently testing the 1.3967 level. This was the high price from 2004. That level was broken in December on three separate occasions - each one failing. The high today just peaked at 1.3970. The price has modestly backed off.
The high price for 2015 came in at 1.4000. That level - along with the other peaks in December at 1.3986 and 1.3993 - should give traders cause for pause, but be careful, as ALL the major pairs (EURUSD, GBPUSD, USDCHF, AUDUSD and NZDUSD) - with the exception of the USDJPY - are trading at new extremes for the day.
