USD/CAD bounces after hitting support at 1.3180. What to watch for
Oil rally and technical buying behind the move
USD/CAD failed to break below Wednesday’s low and that sparked a quick move higher. The move was compounded by a decline in oil prices. WTI is trading at $52.26 after hitting as high as 53.31.
It all looks like a bit of profit taking on some nice short-term moves into the weekend but if USD/CAD can climb above 1.3259 it could confirm a double bottom and could be the start of a bigger bounce to 1.3325.