The loonie is gaining with the oil price hike. However, remember that we'll have the Canadian retail sales today, which could revert the trend, as the market expects a contraction of the sector.

The pair is now trading at 1.0570 Canadian dollars per US dollar. The bands of Bollinger show a volatility of 165 pips in the hour, while the 14 period RSI is clearly oversold.

If the trend remains to the downside, the nearest support is at 1.0543 (200 days MA), while above the next resistance is at 1.0605 Canadian dollars per US dollar.

/