The pair USD/CAD continued to move upward for the second day followed reached a maximum of several months. During the american session, the pair rose to 1.3696, the highest level since February of 2016.
Of the maximum, is retired and is trading at 1.3665, rising for the sixth day in a row. The Loonie was unaffected by the economic data, americans and canadians. Yesterday was recovered modestly in spite of the rebound in crude oil prices.
Today, the barrel of WTI is falling marginally, below the 0.06% 48.95 dollars. The current data of GDP in Canada were in line with expectations. It showed a growth rate of 0.0% in February. In the united States, according to the first estimate, the economy expanded at a rate of 0.7%, below the 1.0% expected. The data had a minor impact on the market.
The USD/CAD pair showed a reading of overbought on many time frames and indicators, but until now, there are no significant signs of a correction. The short-term trend remains bullish, reinforced by the break-up of the area of 1.3600.
To the upside, the immediate hurdle is the handle 1.3700. Above the level of resistance following can be seen at 1.3735 (maximum of 25 of February of 2016) and 1.3780 (minimum of 9 February). On the other hand, the support could be located at 1.3645 (moving average of 20 hours), 1.3620 (daily minimum) and 1.3580/85.