FXStreet (Córdoba) - The Canadian dollar rose sharply across the board during the American session boosted by a rally of crude oil prices. USD/CAD broke below 1.3100 and accelerated the decline. The pair bottomed at 1.3055 and is testing the 1.3050/55 area that capped the decline last week. Currently it trades at 1.3060, down 0.60% for the day. USD/CAD strong reversal From the highs the pair has fallen more than a hundred pips and is back under pressure. The area around 1.3050 is key short term support. A break lower could open the doors for a bigger slide. The loonie rose in the market as crude oil soared. The barrel (WTI) started to rally on reports that OPEC members were attempting to establish a price floor. Recently the barrel climbed above $48.00, gaining more than 4% for the day. For more information, read our latest forex news.