USD/CAD hits fresh 1-week highs above 1.3300

The USD/CAD pair rose to 1.3326 and reached a fresh 1-week high. It climbed back above 1.3300 amid a recovery of the US dollar across the board and after a retreat in crude oil prices. 

The greenback rose in the market during the last hours, particularly against commodity currencies. The WTI barrel, that reached levels on top of $44.00, turned to the downside, erasing daily gains. It was trading at $43.35, down 0.32%. 

EIA: U.S. commercial crude oil inventories decreased by 2.5 mln barrels

USD/CAD breaks relevant resistance

Te pair is holding above 1.3300 and a consolidation on top could give support for an extension of the recovery. It remains near daily highs with a bullish tone. 

That intraday outlook would change if the price drops below 1.3285 that is where the 20-hour moving average stands. That average offered support several times during the current American session. 

To the upside, above 1.3320 the next technical resistance could be seen at 1.3340 (April 13 & 14 high) and 1.3385 (May low).