Forex: USD/CAD extends decline to 0.9674

FXstreet.com (Córdoba) - The Loonie is rising for the second day in a row against the Dollar and recently reached the highest price in 13 days. The USD/CAD broke below 0.9700 and tumbled to 0.9674. The pair rebounded but so far it has been unable to rise back above 0.9700.

If the USD/CAD fall further and breaks below 0.9650 it would open the doors for 0.9445 according to Fan Yang, Chief Technical Strategist at FXTimes. While to the upside, Yang points out that "a break above 0.98 opens up the bullish scenario towards the resistance area between 0.99 and parity where there could be a lot of uncertainty and expected choppiness again. "

At the moment trades at 0.9680/85, 0.77% below today's opening price.

The Loonie is among the best performers in the market and accelerated the upside in the last hours supported by rising crude oil prices and mixed economic data. While automobile sales fell 1.1% in April, capacity utilization rose from 76.8% to 79% in the first quarter in Canada.