Forex: USD/CAD resumes the upside

FXstreet.com (Buenos Aires) – After being under selling pressure for the past 4 days, the USD/CAD surged this Wednesday, closing the US session a few pips shy from 1.0300 area. Earlier on the day, Canadian dollar surged along with oil, but the black oil was unable to hold gains and edged up lower. Along with commodities slide, US positive data triggered a strong demand for greenback that affected particularly European currencies and finally weighted on the pair: market players are betting on a US recovery after all.


Currently around 1.0280, immediate support comes at 1.0240, Wednesday low, followed by 1.0210 three week low. Above the psychological 1.0300, next resistance in the short term comes at 1.0340, this month high.