USD/CAD Breaks Higher

The Canadian dollar struggles against its US counterpart over red-hot US inflation. A break above the supply zone around 1.2680 has put the greenback on a reversal course. A combination of short-covering and momentum buying is sending the pair to the daily resistance at 1.2880. A bullish breakout could resume the rally in the medium-term. The RSI’s overbought situation may cause a temporary pullback as traders may refrain from chasing after bids. 1.2680 has turned into a support where the bulls may look to accumulate.

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