Ella 
In early trading in the European market on Friday, USD/CAD extended its decline to near the 1.3500 mark. Oil prices rose to near their highest levels since November 2022, boosting the commodity currency Canadian dollar and bearish on USD/CAD.
According to the 1-hour chart, USD/CAD remains below the declining 50 and 100 hourly EMAs, supporting bears for now. In addition, the RSI is below 50, activating the downward momentum of the currency pair.
Short-term resistance is at 1.3530, which represents the upper bound of the 50 hour EMA and the Bollinger Band. Any subsequent rally above the latter would pave the way towards 1.3553 (100 hourly EMA). The upper resistance focuses on the high of 1.3586 on September 13, and then the integer level of 1.3600.
On the downside, initial support lies at 1.3490. This is where the bottom of the Bollinger Channel lies. If it falls below the latter, the exchange rate will fall to the low of 1.3475 on August 16. Further below, the next downside targets are 1.3445 (August 15 low) and the August 11 low at 1.3412.
