The US dollar is testing towards levels not seen since April this year against the Canadian dollar currency as the fall in oil prices continues to harm the Loonie. The USDCAD pair has recently broken above a symmetrical triangle pattern and could be preparing to test towards its 200-day moving average. According to the size of the triangle pattern an upside breakout of 200 points is possible.
The USDCAD pair is only bullish while trading above the 1.2430 level, key resistance is found at the 1.2590 and the 1.2650 levels.
If the USDCAD pair trades below the 1.2430 level, sellers may test the 1.2380 and 1.2300 levels.
