The US dollar currency is holding onto its recent upside gains against the Canadian dollar despite the ongoing surge in oil prices. A buy signal is currently being generated by the Parabolic SAR indicator for the USDCAD pair while price holds above the 1.2670 level. A bullish breakout from a falling wedge pattern has also occurred placing the February 11th swing-high, around the 1.2760 level, in focus.
The USDCAD pair is only bullish while trading above the 1.2670 level, key resistance is found at the 1.2700 and the 1.2760 levels.
If the USDCAD pair trades below the 1.2670 level, sellers may test the 1.2630 and 1.2610 levels.
