Oil dips trades back below $31 per barrel
The USDCAD is trading at fresh North American session highs at 1.4250. The rise is being helped by crude oil prices, which have moved back below the $31 per barrel. A new low in crude oil was reached earlier today at $30.39. The price rallied to a high of $32.23, but is now moving back lower.
The USDCAD reached a new high earlier today at 1.4268 (on the initial decline in oil prices). The correction lower off of that high, tested an old trend line (that was broken yesterday but failed. The holding of that line kept the buyers firmly in control and provides a risk defining level for buyers. Stay above and the buyers remain in control.
