The USD/CAD keeps its bullish trend, the next resistance may be the 1.3458 level and from there the price may try to stall or even break to the downside, but if oil keeps dropping, then we may see a breakout of that level. A breakdown of the bullish trendline may indicate a change in direction, but there are no important supports until the 1.2840 area.
Watching this pair myself! And yep it looks like a very strong uptrend. Do you think it’ll break past those previous highs?
Those previous highs may act as resistance, but it oil keeps dropping past the 40.00 on the WTI, then it may very easily make new highs.
The USD/CAD is now going sideways, but oil is also consolidating. If oil goes back down, the pair may try to make a higher high.
[QUOTE=“fxstrategist;735136”]The USD/CAD is now going sideways, but oil is also consolidating. If oil goes back down, the pair may try to make a higher high.[/QUOTE] so how would you trade that?