USD/CAD (current price: 1.2975)
The Canadian Dollar had another bullish session, pushing the pair lower again, back below the crucial 1.30 level. The strength was primarily caused by the huge gains of oil, but the positive international environment also helped the risk-on currency on Thursday. The technical picture remains neutral, as the pair continues to trade in a broad range between 1.2650 and 1.3250, with a very important support/resistance level near 1.3015 also being in the focus of traders.
Our assessment: USD/CAD still tracks the movements of oil, although the Canadian Dollar is showing relative strength lately that might mean a re-test of the 1.2650 support zone.
