USD/CAD Keeps Highs Near 1.2700

USD/CAD Keeps Highs Near 1.2700

21 April 2016, 17:29
Roberto Jacobs
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USD/CAD Keeps Highs Near 1.2700

The greenback remains on a firm footing vs. its Canadian counterpart on Thursday, now sending USD/CAD to the boundaries of 1.2700 the figure, session peaks.

USD/CAD higher on oil drop

The Canadian dollar has lost its initial shine after the barrel of WTI has left the area of 2016 highs near $44.50 and slipped back towards the $43.00 key support.

Additional support for the pair’s upside has come after the strong rebound of the US dollar, which managed to shrug off poor results from the Philly Fed manufacturing survey while Initial Claims have bettered consensus.

USD/CAD significant levels

As of writing the pair is up 0.24% at 1.2686 facing the next up barrier at 1.2942 (20-day sma) followed by 1.3090 (23.6% Fibo of 1.4690-1.2594) and then 1.3219 (high Apr.5). On the flip side, a breakdown of 1.2594 (2016 low Apr.20) would aim for 1.2124 (monthly low Jun.24 2015) and finally 1.1916 (low May 14 2015).


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