Indirect positive market sentiment also supports the rise in crude oil prices in the market.
With the optimistic view of investors on the United States (US) economic stimulus package as well as the implementation of vaccine distribution is increasingly providing a picture for economic recovery.
The economic recovery will again boost demand for crude oil to support economic activity.
As a result of the financial markets, the Canadian dollar will gain an advantage in strengthening the market due to crude oil which is Canada's main export.
On the price chart of the USD / CAD currency pair, it can be seen that the price is pressing lower but blocked at the support zone of 1.26900.
This week's price increase is also seen as failing to overcome the resistance in the SBR zone (support become resistance) at 1.27800.
The strength of the US dollar and Canadian dollars is quite balanced but at different sessions makes the price move horizontally in a price range of around 100 pips.
Investors will be waiting for a clearer signal on whether the oil market positive news will support the Loonie price spike while seeing prices being pushed lower past the 1.26900 support zone.
However, if the market sentiment changes, the price may jump past the SBR zone of 1.27800.
The continued price increase will test the price resistance zone last week at around 1.28300.
