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Loonie surged through 1.34 on Monday and traded up to 1.3435. High for the year, set in late September at 1.3457, held. The oil rebounded on Friday and has not posted a losing day since.
If the commodity stays supported, the pair is unlikely to break to new highs. In that case, a retest of 50 and 100 DMA (1.3150 - 1.3200) seems the most likely scenario. Otherwise, 1.34 level will need to be convincingly broken to make a push through the cycle-high feasible.
If the commodity stays supported, the pair is unlikely to break to new highs. In that case, a retest of 50 and 100 DMA (1.3150 - 1.3200) seems the most likely scenario. Otherwise, 1.34 level will need to be convincingly broken to make a push through the cycle-high feasible.
