The USDCAD pair climbed to five-week high. The pair touched a high of 1.3342. Price kept the key trendline support again a week ago and buyers are inclining off that level to build on more momentum back to the upside. Still, in spite of outperforming the 100-day Moving Average, price is currently meeting resistance from the swing area between 1.3335-50 right now.
The CAD was additionally overloaded down by a modest pull-back in oil prices. Then, the recent uptick in the US Treasury bond yields continued supporting demand for the USD.
Meanwhile, today’s US economic docket might create some short term trading opportunities later.