FXstreet.com (Barcelona) - After it rises around 250 pips in the today's rally, the USD/CAD has reached the 1,3065 level as 4 years maximum and has begun to fall slightly to be trade just above the 1.3000 level.
The Dollar has rallied against its Canadian counterpart and the pair has broken the 1.2975 resistance (Mar 3 high) and the 1.3020 ( Oct 27 high,) to reach a new high for the last 4 years after CMHC released a well worse than expected Housing starts level in February.
From intra-day low at 1.2813, the dollar has rallied around 250 pips reaching the 1.3065. If the Pair gets to climb more than 1.3065 resistance level and the pair set a fresh 4 year high, next resistance could be the 1.3165 level (Oct 2004 high) and above there the 1.3350 (Aug 2004 high) looks like an important level. On the downside, if the 1.3020 resistant rejects strongly the pair again, it could fall below 1.2900/10 support and go to the congested band between 1.2900/1.2800.
According to Valeria Bednarik, FXstreet.com Collaborator, the USD/CAD has turned bullish: USD/CAD broke above the 1.3000 key zone, and remains pushing higher. The pair also confirmed with this week opening the break of the continuation triangle clear in daily and weekly charts, so despite expected and logical corrections, longer term perspective has turned bullish. 1.3054/75 congestion zone of weekly maximums and minimums, should offer enough resistance for today. Clear break above, will send the pair to next important zone around 1.3180.