USD/CAD makes a convincing break above 1.15

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The Canadian dollar is falling hard. After two flirts with the 1.15 level, the break of USD/CAD above it looks real. The high as of the time of writing is 1.1530.

There are two main reasons: yet another fall in prices of oil, and better than expected US data. We are in the highest levels since 2009 and real resistance is only around 1.17. Here is how it looks on the chart:

WTI Crude oil is flirting with the $60 level. Canadian data was OK: The Canadian NHPI rose by 0.1%, slightly lower than expected but the capacity utilization rate rose to 83.4%, better than expected. Both are not top tier figures.

The Canadian economy is doing well, and the recent fall in the C$ is only related to oil prices. For Canada, the relevant benchmark is the Western Canada Select figure.

USDCAD above 1 15 December 11 2014 Canadian dollar falls badly with WTI around 60 US retail sales

For more, see the Canadian dollar prediction.

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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