USD/CAD - Printed a Fresh 14-Month High at 1.3757 - 05/03/2017 (GMT)

The USD/CAD pair experienced the greatest bullish move since January 2016 while it soared almost 2% the last two weeks. During yesterday’s trading period the commodity currency climbed to 1.3757 resistance level, a new 14-month high and is recording the third positive week in a row. The next level to watch, that we mentioned it in a previous analysis (see technical analysis here: http://bit.ly/2pFrbFO), is the 1.3835 barrier, 61.8% Fibonacci retracement level of the weekly downward move with high at 1.4690 and low at 1.2500.

On the daily chart, the technical indicators are confirming the recent bullish momentum. The Relative Strength Index (RSI) indicator entered the overbought path with strong momentum as well as the MACD oscillator is moving sharply higher, above the trigger and zero lines.