Will the USDCAD keep rising?

The USDCAD has been rallying steadily from the 200 day EMA around the 1.2771 level. The rally on the pair has been caused mainly by strength in the US Dollar, but the drop in oil has also contributed to the weakness on the Canadian Dollar. If it continues rallying, the USDCAD may find some resistance at the peak of the 1.3123 level. To the downside, the 1.2913 level may act as support, due to the fact that the level was acting as resistance when the price was boxed between that level and the 200 day EMA as support. Below the 200 day EMA, the most relevant support in the mid-term is the low at the 1.2526 level. For now oil is still weak and since it has a positive correlation with the Looney, it may cause the USDCAD to keep rallying.