FXstreet.com (Barceloan) - USD/CAD has jumped up slighly from the small range between 1.2630/75 that has been traded since the beginning of the European session. The pair has reached the 1.2706 level after rising from 1.2630 last hour.
Currently, USD/CAD is rising around 0.40% from the opening price at 1.2609. Today's lowest and highest are 1.2609 and 1.2715. The pair is trading now at 1.2650/70.
Yesterday, the pair lost 0.05% from its opening price at 1.2617, reaching 1.2656 as highest and 1.2504 as lowest, to close the day at 1.2610.
According to Valeria Bednarik, FXstreet.com collaborator, USD/CAD is under pressure on high oil and gold prices: Small dollars continue falling along with oil that hovers around 74.00 dollars a barrel and gold that remains just above the 920.00 zone. Stocks slid 100 points at the opening in Wall Street, triggering more risk aversion and sending investors to dollar safe haven. USD/CAD is attempting to break above the key congestion zone around 1.2668/75. Above this zone, consider resistances at 1.2700 and 1.2765. Indicators in 4 hours charts shown the pair a bit exhausted, so clear move under 1.2620 will indicate the strong resistance mentioned earlier will keep the pair capped, and downside correction could extend to 1.2573.