The Canadian dollar keeps marching forward, taking full advantage of every rise in oil prices while not getting over excited with slides in the price of the black gold.
USD/CAD is now trading at levels last seen in December, approaching a line that was fierce resistance for long months. Will it break lower? or Will it Bounce upwards ?
With a weak Canadian dollar, the BOC saw no need to act and the trend reversed. The low so far today has been 1.3481, and from there, the pair is bouncing. Nevertheless, the move lower for USD/CAD and up for the loonie remains quite strong.