The Canadian dollar is experiencing exciting times. After falling to 1.18 around 24 hours ago, USD/CAD changed direction and is now making a breakout leaving 1.20 behind. The high so far is 1.2032.
The move happens despite a stabilization in the price of oil. This specific fall of the loonie is probably related to the strength of the US dollar.
WTI is above $47 and Brent is trading at the $49 handle. We have definitely seen weaker levels for the black gold.
Last week, Canada reported a drop in jobs for the month of December. However, the unemployment rate remains at 6.6% and the economy seems to be in a good situation.
Technical analysis: USDCAD: Looks To Resume Broader Uptrend
There are no Canadian releases or speeches scheduled today. In the US, we have both inflation and consumer confidence numbers on the charts.
Here is the chart, showing the highest levels for the pair since 2009:
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