The Canadian dollar drifts lower as oil prices hit resistance. The latest rally came to a halt in the sell zone around 109.00. Still, on the daily chart, sentiment is extremely bullish after the loonie hit a 8-year high (106.50). The bulls may look at the recent consolidation as an opportunity to accumulate. 108.00 is the immediate support and 107.20 is the lower band of the range and a critical floor to keep the price afloat. A rally above the psychological level of 109.00 may resume the uptrend above 110s.
