USD/CAD Testing 6-Week Highs Near 1.3160
The US dollar extends its upward trajectory against its Canadian counterpart for the fifth straight session this Monday, with USD/CAD now targeting 1.32 handle amid persistent weakness in oil prices.
USD/CAD supported at 1.3100
Currently, the USD/CAD pair trades 0.33% higher at fresh session highs
of 1.3159, having surpassed all three major classic resistances placed
at 1.3130/35 and 1.3143. The CAD battering extends into a fifth day
today as the recent strength in the greenback versus its major
competitors, coupled with extension of last week’s losses in the black
gold, collaborates to the bullish tone seen around the USD/CAD pair.
Meanwhile, both crude benchmarks are down nearly -1.10%, on resurgence
of global oversupply concerns.
Markets now look forward to Wednesday’s Bank of Canada (BOC) monetary
policy decision for fresh direction on the Loonie, as the start of the
week remains relatively data-light, with a public holiday being observed
in Canada today.
USD/CAD Technical Levels
To the upside, the next resistances are seen near 1.3200 (round number)
and 1.3286/1.3300 (Mar 28 High/ round number). To the downside,
immediate support might be located at 1.3103/00 (5-DMA/ key support) and
below that at 1.3033 (1h 200-SMA).
