USD/CAD extends gains, hits 9-day high

FXStreet (Córdoba) - The USD/CAD took another step higher and rallied to fresh weekly highs as the greenback strengthened during the American session.

The USD/CAD broke above the 1.0770 area and triggered some stops on its way toward 1.0785 although it lost momentum ahead of the top of its past weeks' range. At time of writing, the pair is trading at 1.0780, 0.34% above its opening price.

USD/CAD technical outlook

“Technical studies warn of upside risk, even as USD/CAD sits within ten day range”, said Camilla Sutton, analyst at Scotiabank. “A break above this range (1.0794) would add momentum to long USD/CAD trades”.