As much as the Canadian dollar was weak last year, it's been incredibly resilient so far this year. Oil remains its biggest driver but recently the currency seems to fall less on oil declines than it rises on oil rallies.

The pair is currently testing the bottom of the wedge pattern that it has been tracing since earlier this year. Area between 1.28 and 1.2750 (August low) marks an important support. 100 DMA is the first stronger resistance.

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