USDCAD Chart Technical Outlook rallies on weaker Oil prices
We have seen continued bullish momentum since the 1.3380 swing low that was posted on September 19. We are witnessing strong US Dollars and weaker oil prices, adding fuel to the rally.
It should be noted that US Crude Oil has hit a technical support zone so there is ample scope for a mild correction to the downside.
Conclusion: with the long-term focus being on higher levels with the completion of the Crab formation not seen until 1.4065, I would look for corrective selloffs as a buying opportunity.
Resistance: 1.3780 (yesterday’s high), 1.3862 (yearly peak), 1.4065 (Crab)
Support: 1.3695 (previous resistance now support), 1.3606 (bespoke), 1.3380 (swing low)