Despite an improvement in retail data, the Canadian dollar came under pressure as the price of oil tanked.
The RSI divergence from last week indicated a loss of momentum in the sell-off. Then a breakout above the resistance at 1.2490 and a bullish MA cross have heightened the odds of a reversal.
1.2570 is the next hurdle and a close above that level could trigger a new round of rally. In the case of a retracement, the demand zone between 1.2360 and 1.2460 may see strong buying interest.
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