USDCAD Price Action Analysis - USD/CAD & US Dollar to be correlated with WTI US Oil

D1 price is above 200 day SMA and 100 day SMA for the primary bullish market condition with the secondary ranging between 1.3456 resistance level and 1.2831 support level:

• "USD/CAD is positively correlated to the US Dollar. A positive correlation means they move roughly in the same direction. Therefore, a clear understanding of the technical direction and outlook of one can help you with the other. As usual, getting a clear reading will not be easy. To complicate matters, both USD/CAD & US Dollar are inversely correlated WTI US Oil, so they move roughly in opposite directions. As you can imagine, the direction of oil is very important to multiple economies yet you can get a handle on what the next move will be for oil."
• "The rising wedge pattern is a topping pattern that signifies weakness over time and favors a strong reversal. From the 2015 high, price broke down nearly 600 pips toward the mid-March highs. However, notice that the retracement has run out of steam at 61.8% Fibonacci resistance recent move lower. The 61.8% retracement is a popular zone for a deep countertrend move before resuming in the direction of the impending larger trend. The real tell will be if the 61.8% retracement holds in price breaks down below the recent lows of the March high near 1.2830."
• "with the US Dollar facing key long-term resistance and WTI US Oil may be forming a basing pattern, USD/CAD may finish the year with strong moves."
  

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