The Canadian dollar posted some serious gains in the last few weeks and is one of the top-performing currencies due to the strength in the commodities market. The price action for CAD is very much correlated to oil prices. According to financial analysts, CAD prices may gain the strength to push higher amid the boom in crude oil prices due to geopolitical tension in Europe. Consequently, the USD/CAD remains under pressure in the near term and if bulls remain inactive then the price may decline towards the major support level at 1.26000 level. The relative strength index indicator is below 40 on the daily chart, suggesting a bearish bias in the market.
