The Canadian dollar crept up towards the 2014 low and once it made the move, the fall is unstoppable. The levels seen now are the lowest since July 2009.
USD/CAD made a break above the previous high of 2014 at 1.1280 and continues rising, trading at 1.1340 at the time of writing.
1.15 is a round number that provides resistance, and it is followed by 1.17. Basically, there are no recent levels here so the move could be long and wild.
Here is the weekly chart, showing the emergence of the pair:
One of the recent reasons pushing the loonie lower is the fall in the prices of oil. Both Brent and WTI have been falling and these falls have accelerated this week, with both prices falling towards $80. While the relevant price for Canadian oil is the Western Canada Select, the global prices of oil are not detached from one another.
There are no Canadian indicators released today, so moves in the US dollar and moves in the prices of oil are set to set the tone.
For more, see the Canadian dollar forecast. Here is another look at the chart, via the 1 hour chart:
