The US dollar, of course, is rallying against the Canadian dollar, with the 1.42 level offering a little bit of support and the 1.4250 level being a little bit of resistance. This is a strong uptrend for multiple reasons, not the least of which would be the fact that oil had sold off, but more importantly, in this pair, the interest rate differential favors the United States, not to mention the fact that the Federal Reserve is likely to raise rates a couple of times between now and the end of the year.

The 1.43 level will be targeted. After that, we could be talking about 1.45.

USD/JPY Technical Analysis