USD/CAD - Surges on Skeptical BoC - Next Level to Watch 1.2910 - 12/07/2017 (GMT)

The U.S. dollar printed a sharp upward movement against the Canadian dollar during yesterday’s trading period and added almost 0.8% to its performance. The USD/CAD pair exposed more than 150 pips and challenged the 1.2805 barrier, which is ready to surpass it. The next level to have in mind is the 1.2910 resistance level which is the upper boundary of the sideways channel 1.2625 – 1.2910. The channel is holding since the end of October.In addition, on the short-term timeframe, the price climbed above the three simple moving averages (50, 100 and 200) with strong momentum after the bounce off the 1.2652 support level. The RSI indicator is sloping to the upside and is approaching the 70 level, while the MACD oscillator entered into the positive path.