The USDCAD did pop up above this level a couple of times last month including reaching a two month high above 1.34, however it was quickly sold off and fell back below this level quite quickly. This along with the recent price action over the last few weeks shows how significant a break higher the last week has been. The USDCAD is now likely to receive some support from this level should it called upon.
We also covered UK Oil which spent most of the week trading in a narrow range right above $74 before dropping sharply back to the key level of $71. To start the week oil surged higher to reach its highest level in six months as it has comfortably moved past the key level at $71. For the last couple of weeks oil has consolidated and traded in a very narrow range right above the $71 level having moved through this level for the first time in many months. Throughout February and March oil was trading in a narrow range meeting resistance at another key level of $68 and did well to finally surge higher through this level several weeks ago.
The AUDUSD finished the week attempting to rally higher and return to the 0.7050 level after its strong drop lower. In the middle of last week the AUDUSD had its largest one day fall in a few months which saw it drop very sharply to just below 0.70. This move has seen it fall below the key 0.7050 level to a four month low and it will be interesting to see if it is able to rally and move back above this level. Up until recently the AUDUSD had been frustrating many as it moved very little spending most of its time in the range roughly between 0.7050 and 0.7150. Only a couple of weeks ago the AUDUSD had crept higher and pushed through the resistance at 0.7150 to reach a six week high near 0.72, however after its recent drop, this seems some distance away.
To finish out the week we covered the USDJPY which finished the week settling around 111.50.In the last few days the USDJPY has eased lower back below the key 112 level moving to a two week low. It has for the last couple of weeks met resistance at the 112 level and failed to make any ground above this level despite several attempts.A couple of days ago it moved to its highest level this year at 112.40 before being sold off strongly forcing it lower to the two week low. For the best part of the last three months it has traded within a well established range between 110 and 112 receiving support and resistance from those levels respectively.
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