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400 USD to CAD

200 USD to CAD

25 USD to CAD

250 USD to CAD

400 USD to CAD

2000 USD to CAD

There are multiple levels of support underneath, so even though the US dollar has fallen a bit against the Canadian dollar, quite frankly even with a stronger Canadian jobs number there are a lot of things out there to worry about. From a technical analysis standpoint, you can see that the 1.34 level looks to be offering support, just as the 1.33 level is, followed by the 1.32 level, and so on. This is a very structurally driven market, which makes sense considering that the two economies are so highly intertwined.

Keep in mind that when things go bad, the Canadians tend to take it on the chin because the economy is so much smaller than the American one. The Canadian dollar is a bit of a proxy for the oil markets and does look as if they are going to be a bit difficult to deal with as well. Beyond that, this pair may not be the best way to play crude oil anymore, as the Americans actually produce more crude oil than Canada.