Forex News USD/CAD is around C$1.0085 after registering a high at C$1.0095, according to EBS, as another turn lower in oil creates another round of weakness in CAD, already buffeted by hawkish Fed rhetoric early in the session. Movements in crude oil have been leading other markets recently, and that encouraged a broad strengthening in USD, said one technical analyst in Toronto. CAD is being hit with a "double whammy," since it is pressured by USD strength as well as intrinsic weakness deriving from the retreat in commodities, he said. The break through resistance at C$1.0045 accelerated the move to the topside by triggering stop loss orders, he said. That area is the site of a recent trend line that should now serve as support for USD, with the next important resistance coming in around C$1.0140, he said.
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