USD/CAD Flashed higher

Loonie is seen uplifted today and marked fresh weekly high at 1.1824. The USD/CAD pair is up with 0.36% and currently is trading at 1.2808, which is impressive having in mind yesterday’s low at around 140 pips below. Against the majors from Europe the greenback maintains strength, but meanwhile the Canadian dollar suffered as recent weak inflation readings occurred to be surprising. The Financial System Review from the Bank of Canada brought nothing new for markets, but expectations for rate hikes in March 2018 remained intact. Technically speaking the pair maintains bullish short term outlook. On the four hour time the price is located well below its moving averages, having bullish 20-day SMA and flat 100-day and 200-day SMAs. RSI and stochastic are located within their extreme overbought areas, but both are starting to lose directional strength. The USD/CAD pair was seduced by the last week’s high at 1.2835, but as it’s seen failed to grab it. Bulls would fee more confident only above the resistance at 1.2860 and this might force them to test next one at 1.2895. Looking to the downside, bears are trilled by the 23.6% Fibonacci retarcement of latest September to October bullish run around 1.2720.