Oil Fuels This Currency ETF's Rebound

Canada’s equity market is one of two developed markets, along with New Zealand, that are back to positive this year. Furthermore, the rebounding precious metals prices has helped prop up the miners space.

“There’s been an increase in volume after the Loonie bottomed out in January, potentially indicated short covering. 14 day RSI is bullish at 71.10, slightly overbought. The .7800 level looks to be the next point of resistance while support is found at the January lows around .6825,” adds OptionsExpress.

CurrencyShares Canadian Dollar Trust