USD/CAD - USD/CAD Has an Aggressive Buying Interest - Fresh 14-Month High - 04/28/2017 (GMT)

Of all the major currencies, the USD/CAD pair experienced the greatest intraday volatility. The Canadian dollar which spiked higher due to the announcement from the Trump Administration that U.S. intends to remain in NAFTA for now. Also, the news pushes the pair lower by almost 100 points but the price found a strong support at the 1.3540 level. During yesterday’s trading period the commodity currency climbed to 1.3670 resistance level, 14-month high and is recording the second positive week in a row.

Our expectation is a further rising move until the 1.3835 barrier, 61.8% Fibonacci retracement level of the weekly downward move with high at 1.4690 and low at 1.2500. The technical indicators confirming the recent bullish momentum. The Relative Strength Index (RSI) indicator entered the overbought path with steady move whilst the stochastic oscillator is still developing above the 80 level and posted a bullish crossover within its moving averages.