FXstreet.com (Barcelona) - The USD/CAD has risen around 150 pips along the European session from 1.2260, breaking the 1.2340 resistance, to reach the 1.2410, fresh intra-week high. Currently, the pair is back above 1.2350.
Last days, USD/CAD has been traded between the 1.2230/1.2340 flat channel, but today, the pair has risen from 1.2260 to break the channel top at 1.2340 and reach new intra-week high. Along today's trading session, USD/CAD has gained 0.55% from the 1.2288 opening price.
According to Valeria Bednarik, FXstreet.com Collaborator, CAD is supported by oil prices and negative sentiment against USD: After the important rejection from the 1.3000 zone, the pair almost reached and over sold state in daily charts. The downside rally, supported by rising oil prices and negative sentiment against greenback, was halted just above a daily ascendant trend line around 1.2130/40 zone. Longer term charts shown the pair has been consolidating 1.2180/1.2350 zone that the pair has just surpassed a few minutes ago. Far from confirmations, we need daily close above actual levels, to see further raises in the pair. Nest important resistance above today's high of 1.2410, lies at the 1.2540 zone. Clear above it, will confirm pair bias change in the longer term, and chances of a retest of the 1.3000 will become higher.