Crude Oil Rally May Push USD/CAD Lower Amid Canadian Dollar Strength

Crude oil is expected to continue its upward momentum, potentially reaching as high as $95 or even $100. This trend is part of a larger recovery mode that began after crude oil completed an ABC pullback at around $74.50.

The recent strength in energy markets could also benefit the Canadian dollar, which may perform well and exacerbate the bearish trend on USDCAD.

Looking at USDCAD specifically, analysts anticipate further weakness, particularly if the current impulsive cycle continues. Key levels to watch include the 161.8% extension, resistance around 1.3840-1.3911, and the important round figure of 1.4000.