USDCAD runs higher with the USD and also helped by weaker CPI data out of Canada today.

The USDCAD has moved higher with the US dollar today, and was goosed even higher after Canadian CPI data came out weaker than expected 0.3% versus 0.6% expected. The year-on-year fell to 2.8% from an expected 3.1%.

The move to the upside has extended up to a swing era between 1.36049 and 1.36269. That – along with the 61.8% retracement of the move down from the November high at 1.3623 – will provide some stall potential after the run higher, but the buyers are more in control.

In this video, I outline the run and the key technical levels in play.

This article was written by Greg Michalowski at www.forexlive.com.