FXstreet.com (Barcelona) - Canadian dollar continues extending gains, following crude prices that quote at $ 73.66 a barrel, close to daily high. USD/CAD is quickly approaching to year low of 1.0279, with a clear bearish trend in 4 hours charts. Despite indicators show pair rally is reaching over sold conditions in the daily, there is no other technical sign of correction.
Healthy downside trade will find next support under mentioned year low at 1.0250 area, ahead of stronger 1.0210. Upside movements likely to be corrective, as the upside will remain limited; resistances for the next hours lie at 1.0320, 1.0355 and finally the 1.0400 zone.