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> USD/CAD surges to multi-day tops beyond mid-1.3100s
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USD/CAD surges to multi-day tops beyond mid-1.3100s

AG Markets

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The USD/CAD pair broke through its near-term trading range and moved back above the very important 200-day SMA to nearly two-week highs.

Currently trading around 1.3160 region, the pair maintained its bids tone for the third consecutive session despite of an upbeat sentiment surrounding oil markets. In fact, WTI crude oil is trading with gains of around 0.70% but has failed to benefit the commodity-linked currency - Loonie, and hinder the pair's strong bullish momentum.

Meanwhile, possibilities of some stops getting triggered, on a decisive break through near-term trading range resistance near 1.3120 level, could also be one of the factors collaborating the pair's strong up-surge in the past hour or so.

The US Dollar price dynamics would continue to remain an exclusive driver of the pair's movement on Tuesday ahead of the Fedspeaks on Tuesday and this week's key event risk, FOMC meeting minutes on Wednesday.

Technical levels to watch

From current levels, momentum above 1.3168 (Feb. 9 high) now seems to lift the pair beyond 1.3185 intermediate resistance, and 1.3200 handle, towards testing 50-day SMA hurdle near 1.3220 region.

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Source: https://www.ag-markets.com/news/
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