1.3136-46 is the area to get to and through if going higher
The USDCAD has moved higher after the greater inventory add this week. The pair is supported by lower oil prices. Oil is trading at $45.39 - near low levels for the day.
Looking at the 4 hour chart, the pair is up testing a number of swing lows/highs (see blue circles) and stalling on the first look (see yellow area and blue circles between 1.3136-46 area). Key level for the pair. The price moved above that area in trading last week. Each failed. This is the third shot. A break above (and staying above) will be eyed. The data is there to push through. Oil prices are down. Can the momentum continue? So far, the seller are leaning against the highs.
