The pair is declining amid the low oil stockpiles in the US, as seen from the released data. Another negative factor for the pair is the weak US dollar and the positive outlook for commodity assets as the global economy recovers.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and continues to decline. Stoch have turned down.
USDCAD rate online: monitor the price movement in real time.
Trading idea:
The pair may drop in the first days of the new year to 1.2700.