USDCAD: is it a bear or a bull in disguise ?

[fxstrategist]

Nice bullish bounce on the USDCAD from the 200 day exponential moving average, lets see how far up it goes.

 

[fxstrategist]

The USDCAD may try to reach te 1.2600 level, which could act as resistance.

 

[fxstrategist]

The USDCAD has found a good resistance at the 1.2300 level. To the dowside, the 1.2200 level may become a good support.

 

[fxstrategist]

Oil keeps weakening and the USD/CAD tries to make fresh highs.

 

[fxstrategist]

Good resistance for the Looney at the 1.3000 level.

 

[fxstrategist]

The USDCAD is very close to reaching a high from March, 2009. If Oil continues dropping, the pair may go higher and even try to break that high.

 

[fxstrategist]

Well, the USDCAD stays consolidated along with an undecided oil.