FXstreet.com (Barcelona) - After it has been traded between the 1.2200/60 band since the beginning of the Asian session and be rejected by the 1.2200 support several times, the USD/CAD has been rebounded again from this level and it is trading above the 1.2250 level.

The USD/CAD is rising slightly from the 1.2197 level to 1.2269 ahead the US opening bell. Currently the pair is trading around the 1.2255/65 levels. Next support could be 1.2200 important level again, 1,2140 and 1,2125. Resistances could be 1.2265, 1.2300 and 1.2365.

According to Valeria Bednarik, FXstreet.com Collaborator, CAD is appreciating on commodities: Commodities currencies continue appreciating with Cad quoting around 1.2250 against Usd. Longer term perspective remains bearish in the pair, after strong rejection of the 1.3000 level, supported by rising oil prices. The pair has a daily ascendant trend line around 1.2134, so a daily close under it, could be consider as a signal of further downside pressure, with longer term next supports at 1.1969, 1.1892 and 1.1760. Strong rebound on the mentioned line and price moving above the 1.2340 zone is needed to deny bearish perspective.