FXstreet.com (Barcelona) - The Canadian Dollar has continued extending gains on the back of crude prices rally, quoting above $73.00/barrel, and against the USD is not an exception, the USD/CAD has fallen to break previous 1-year low at 1.0279 and to post 1.0265 as 14-month low. Currently, pair is trading around 1.0280/90, 0.55% below today's opening price action at 1.0342.
USD/CAD has a a clear bearish trend in 4 hours charts. Despite indicators show pair rally is reaching over sold conditions in the daily, there is no other technical sign of correction.
Healthy downside trade will find next support under mentioned year low at 1.0250 area, ahead of stronger 1.0210. Upside movements likely to be corrective, as the upside will remain limited; resistances for the next hours lie at 1.0320, 1.0355 and finally the 1.0400 zone.