USDCAD has been bullish since the early September, as the recent US economic data outperforms. Yet the price is trading below the mid-term resistance level at 1.3300, the selling pressure at this level is very heavy, the price will likely pull back at this zone.
In addition, the daily Stochastic Oscillator is around 80, suggesting a retracement.
The resistance level is at 1.3300, followed by 1.3350 and 1.3400.
The support line is at 1.3250, followed by 1.3200 and 1.3150.
Keep an eye on the Canadian Housing Starts (YoY) for September, to be released tomorrow at 12:15 GMT. Also the US Labour Market Conditions Index, to be released tomorrow at 14:00 GMT. They will influence the trend of USDCAD.