Home Analysis USD/CAD surged 1.9% this week amid the retreat in oil prices

USD/CAD surged 1.9% this week amid the retreat in oil prices

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USDCAD surged 1.9% this week amid the retreat in oil prices - forexspacex.com

USD/CAD prices surged over 1.9% and surpassed many resistance levels in the process. A minor correction in crude oil prices has also been attributed to this rally.  The USD/CAD pair took off during the course of the trading session on Friday after re-testing the major psychological resistance level at the 1.29000 level. The fast stochastic oscillator has generated a crossover buy signal on an hourly chart as the U.S. dollar outperformed its counterpart.  The pair has posted its second consecutive green candle on the weekly chart. A minor pullback is expected in the next few trading sessions and if the price corrects lower, it is expected to remain supported near the 1.2900 level.

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