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USD/CAD through 1.0300

FXstreet.com (London) - USD/CAD has performed new weekly highs to meet the resistance zone set in February this year and has been shy just 20 pips from the yearly high.

The pair benefited initially from poor Canadian CPI last week, but advances were capped on better performing metals.The pair regained its positioning in this mornings European session from the open at 1.0240/50 levels to 30/40 pips higher on the morning and has been advancing in an ascending channel all day.

In thinner markets ahead of tomorrow’s economic fundamental releases, it appears the bulls had free reign where the dollar has been benefiting across the board with investor risk apatite building up on dollar denominated assets. The pair has broken through key psychological levels, which may come under risk of profit taking before tomorrow.

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