FXstreet.com (Barcelona) - The USD/CAD fell from a 4-year high as equities worldwide rose and higher crude oil prices signaled investors are stepping up purchases of riskier assets.
The pair failed to penetrate the important 1.3000 resistance; consequently, triggering widespread profit-taking.
The pair is still in an uptrend. We expect a test of the 1.26-area support. If this is broken, the USD/CAD will test the 1.20-support, said Hans Nilsson, analyst at CMS Forex. Resistance is in the 1.30-area.