Canadian currency’s strong correlation with oil remains intact. Brent prices failed to tear through offers around $41 and trimmed gains.
Accordingly, USD/CAD moved off from near March 9 low of 1.3228. This is the level that has been challenged yesterday but remains as a support.
Plus I also see bearish price-RSI divergence on the 4-hr chart. This coupled with strong support at 1.3228 tells me, the CAD may appreciate today, taking the USD/CAD higher to 1.3392 – 1.3477 (falling trend line resistance)