USD/CAD Catches Fresh Bid, Hits Fresh Highs Above 1.3050

USD/CAD Catches Fresh Bid, Hits Fresh Highs Above 1.3050

4 April 2016, 09:14
Roberto Jacobs
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USD/CAD Catches Fresh Bid, Hits Fresh Highs Above 1.3050

USD/CAD’s recovery gathered pace over the last hour, taking the prices beyond the mid-point of 1.30 handle as the USD bulls fight back control somewhat amid tumbling oil prices.

USD/CAD holds above 1.3020 levels

Currently, the USD/CAD pair gains 0.31% to fresh session highs of 1.3056, looking for a test of 1.31 handle. The Canadian dollar is seen getting sold into the ongoing weakness surrounding the oil prices, with the US oil losing -1.33%, while the Brent oil drops -1.10% so far this session.

Moreover, the renewed buying interest seen around the US dollar against its major peers, also aids the recovery in USD/CAD. The USD index now advances 0.08% to 94.64, recovering from a dip to 94.45, hit in early Asia.

Markets now turn their focus on the speech scheduled from BOC Governor Poloz later in the NA session, which will be followed by US macro releases.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3100/1.3125 (round number/ 1h 200-SMA) and 1.3147/50 (Apr 1 High/ psychological levels). To the downside, immediate support might be located at 1.3006/00 (daily S3) and below that 1.2969 (Apr 1 Low).

(Market News Provided by FXstreet)

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