FxWirePro: USD/CAD extends slide as CAD continues to benefit from higher oil prices

Oil extended gains on Friday and is set for its biggest weekly rise in over six years.

• Brent crude was up 60 cents at $53.65 a barrel at 0844 GMT, on track to rise 11 percent this week alone. U.S. crude was up 77 cents at $50.20 a barrel 
   
• CAD continues to benefit from higher oil prices, scope for more CAD gains if Canada employment (due later in NY session) beats forecasts
   
• Price action continues below cloud top, weakening the market structure, drop till cloud base at 1.2814 likely
   
• A close above converged tenkan & kijun lines at 1.3208 needed to stop slide 
   
• USD/CAD is at the time of writing trading at 1.2944, with immediate resistance at 1.3022 (Session High Oct 9) ahead of 1.3074 (Daily High Oct 8)
   

Resistance Levels:

R3: 1.3134 (Daily High Oct 6)

R2: 1.3074 (Daily High Oct 8)

R1: 1.3022 (Session High Oct 9)

Support Levels:

S1: 1.2958 (Session Low Oct 9)

S2: 1.2952 (Daily Low Aug 12)

S3: 1.2944 (Daily Low Jul 30)