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The Canadian dollar  crept up towards the 2014 low and once it made the move, the fall is unstoppable. The levels seen now are the lowest since July 2009.

USD/CAD made a break above the previous high of 2014 at 1.1280 and continues rising, trading at 1.1340 at the time of writing.

1.15 is a round  number that provides  resistance, and it is followed by 1.17. Basically, there are no recent levels here so the move could be  long and wild.

Here is the weekly chart, showing the emergence of the pair:

USDCAD Weekly chart October 15 2014 highest since 2009 Canadian dollar loonie C$ graph

One of the recent reasons pushing the loonie lower is the fall in the prices of oil. Both Brent and WTI have been falling and these falls have accelerated this week, with both prices falling towards $80. While the  relevant price for Canadian oil is the  Western Canada Select, the global prices of oil are not detached from one another.

There are no  Canadian indicators released today,  so moves in the US dollar and  moves in the prices of oil are set to set the tone.

For more, see the Canadian dollar forecast. Here is another look at the chart, via the 1 hour chart:

USDCAD chart October 15 2014 technical analysis