FXstreet.com (Barcelona) - After trading in a narrow range between 1.0640 and 1.0670 during the Asian session, the USD/CAD has jumped around 110 pips in the European morning from 1.0640 to reach the highest level since October 5 at 1.0750.

Currently the pair is trading around 1.0730/40, 0.80% above today's opening price action at 1.0640.

USD/CAD has continued today's with its recovery from 14-month low at 1.0205 reached October 15 and pair is currently testing the MA55 daily chart level at 1.0720/30 zone.

Tomas Cedavicius, analyst at investija.com, gives us his scoop: USDCAD Concentration by resistance can initiate further upside movement. This pair has potential to jump over the resistance level.