Loonie traded to the highest since April the 1st and is approaching January to March range top while the price of oil continues to slide. Weaker data, speculation of another rate cut and safe haven USD demand are not helping it either.

Some resistance may come in between 1.2690 and 1.2700 (Daily Resistance 1, Weekly Resistance 1, 00's) but the real test will be at the above-mentioned range top in 1.2800 - 1.2835 band, which also hosts Weekly Resistance 2 and Monthly Resistance 2.

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