The US dollar has recovered sharply higher against the Canadian dollar after oil price crashed by nearly ten percent from the weekly highs. The USDCAD pair has moved back towards the 1.2500 resistance level, although bulls are struggling to move the price above this key area. The Parabolic SAR indicator highlights that the four-hour trend is only bullish while the USDCAD pair trades above the 1.2460 level.
The USDCAD pair is only bullish while trading above the 1.2460 level, key resistance is found at the 1.2500 and the 1.2578 levels.
If the USDCAD pair trades below the 1.2460 level, sellers may test the 1.2400 and 1.2370 levels.