FXstreet.com (Córdoba) - The Canadian Dollar continues to rise against the Dollar helped by higher energy prices; crude oil soared more than 3%. USD/CAD fell to 1.0502 posting a fresh year low. The pair is accumulating a decline of more than 300 pips so far this week. If it drops below 1.0500 it could fall further. The next support lies at 1.0440 and below at 1.0400.
James Hyerczyk of ForexHound.com, comments: Higher energy and equity prices are helping to weaken the USD CAD. This currency remains rangebound, but upside momentum is building in the Canadian Dollar which could send it sharply higher. Traders are a little concerned about how much higher the Canadian Dollar will be allowed to appreciate before the Bank of Canada becomes concerns about its adverse effect on exports.