USD/CAD Sets New Highs

We write about the USD/CAD again, this time after it did in fact breakout of the range as I mentioned in an earlier post. Not only did it breakout of the range, but it closed at a new daily high. We have not seen it close this high since December 28th, 2005! Oil prices didn’t help the Canadian Dollar much as oil dropped lower to now around $56.85 per barrel. There isn’t much in the way of resistance until 1.1975, the 11/15/2005 high.