The US dollar has recovered sharply higher against the Canadian dollar, as oil prices remain pressured and the greenback gains strength. The USDCAD pair has formed a notable inverted head and shoulders pattern across the lower time frames. Watch out for strong upside further gains in the USDCAD pair in the short-term if bulls can hold the price above the 1.2570 level.
The USDCAD pair is only bullish while trading above the 1.2570 level, key resistance is found at the 1.2680 and the 1.2740 levels.
If the USDCAD pair trades below the 1.2570 level, sellers may test the 1.2500 and 1.2450 levels.
