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usdcad 1212
usdcad 1212

USDCAD Lower on Higher Oil Prices

USDCAD Lower on Higher Oil Prices

USDCAD is trading lower today helped by higher oil prices after the Non OPEC production cuts. The price moved down to lower channel trend lines near the 1.3110 area marking the low for the day at 1.3108. The price stalled and the correction rallied to 1.3143. There have been three separate highs at that level, creating an intraday ceiling right now making it a strong resistance point. I am expecting the pair to pulback to 1.31 area.

 

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