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The Canadian dollar remains on the back foot,  losing ground against the USD for a fifth consecutive trading day. USD/CAD has marched above resistance and is trading above the 1.27 level.

The ongoing dollar storm combined with weaker oil prices weigh on the pair. Can Dollar/CAD  challenge the multi-year highs?

The US dollar is moving higher across the board. The most notable loser has been the euro, but it is certainly not alone. Other currencies that seemed strong, either from the majors or the commodity currencies, are all succumbing to the dollar’s might, each at its own pace.

The moves are based on higher expectations for a rate hike in June, which have grown since the recent good jobs report from the US

The other factor is oil: while the C$ is not trading in tandem with the  black gold, there is certainly a lot of influence. WTI Crude is trading around $48.51. It still has room on the downside in the recent range, but it is at the bottom of it, far from the  highs seen at $54. Brent and the Canadian indices are following suit.

More:  CAD: Staying Short; Credit Agricole

The pair  was  fighting with resistance at 1.2665, which was the high in mid February. After overcoming this level, the pair crossed the round level and reached a high of 1.2718 so far.

Here is the daily chart

Canadian dollar weaker March 11 2015 USDCAD above 1 CAD 27 cents forex trading

 

In the fresh podcast, we talk about the US economy,  the Australian and Canadian rate decisions, a potential easing in Japan, the widening gap within oil prices and an update on forex brokers after the SNBomb

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