USD/CAD - USD/CAD Continues the Sharp Upward Rally - 12/23/2016 (GMT)

The USD/CAD pair traded sharply higher over yesterday’s session, continuing the aggressive rally following the bounce off the 1.3080 strong support barrier which overlaps with the ascending trend line and the 200-daily SMA. The commodity currency surged more than 2.3% since last week and is currently recording the second green week in a row. Now, the pair is approaching the 1.3590 resistance level which is the next support before the return line of the upward sloping channel which is holding since May.

Technically, the price surpassed above the 50-daily SMA while the technical indicators are following a positive territory endorsing the bullish attitude on price. The MACD oscillator entered the positive area over the last sessions and is rose above its trigger line whilst the RSI indicator is rising above the 50 level with strong momentum.