USD/CAD gained ground as demand for commodity-related currencies declined despite rising gold markets. The pullback in the oil markets has not provided support as traders remained worried about potential escalation in the Middle East, which could hurt global growth and reduce demand for commodities.
Currently, USD/CAD is trying to settle above the resistance level at 1.3825 – 1.3840. In case this attempt is successful, USD/CAD will get to the test of the 50 MA at 1.3855. A move above the 50 MA will push USD/CAD towards the next resistance level at 1.3900 – 1.3915.
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