The CAD has been a bit up and down in recent weeks and for the most part banging up and down in a range. Oil is always one of the major drivers of price of the Canadian Dollar as they are a major producer.

Oil has been on a bullish charge recently and hit $59.00 in the last few days. Yesterday we saw a bit of a pullback in price and as such the CAD fell away.

I think we might get a bit more upside in USD/CAD in the coming days. The next major level is at 1.2900 and there is a very strong chance that we’ll test that. Any dip below 1.2850, to me, is a buying opportunity. The USD will also be playing a big role, but after the weakness, we had last week I feel we will drift higher in the coming days.

USD/CAD – 240 min Chart.