A broader wave of US dollar buying combined with slumping oil prices and worries about Chinese growth have nudged USD/CAD above the 2022 high of 1.3978.
USD/CAD has tried to get through this level many times in the past two years but hasn’t been able to crack it. So far there hasn’t been any follow through and I suspect it will be tough to break 1.4000 — though with momentum kicking in above.
USDCAD weekly
Last week I was on BNNBloomberg, making the case against the Canadian dollar.