FXstreet.com (Barcelona) - The USD/CAD is trading into a upward trending channel since early February, from Feb9 low at 1.2150 has reached 1.2675 on Feb 17.

According to the Varengold Bank Research Team, the pair could break 1.2750 resistance line on its way to levels around 1.30: Since the beginning of December, the USD/CAD has been trading inside a bullish Fibonacci fan. After the market touched the 1.2750 resistance line twice, it pulled back, broke through the fan line and started to trade along the lower trend line of the fan. If the pair continues this phase, it could break the 1.2750 resistance towards the important psychological and technical resistance line of 1.30.