USD/CAD Clinches Highs Near 1.2740

USD/CAD Clinches Highs Near 1.2740

22 April 2016, 09:56
Roberto Jacobs

USD/CAD Clinches Highs Near 1.2740

The US dollar is posting moderate gains vs. its major rivals during the European morning, now sending USD/CAD to daily highs near 1.2740.

USD/CAD focus on oil, data

Spot is advancing for the second straight session at the end of the week in spite of the better tone surrounding crude oil prices, with the barrel of WTI up over 1% and approaching the $44.00 mark, this usually being CAD supportive.

However, the ongoing strong recovery of the greenback seems to be offsetting any CAD bullish attempt, all ahead US advanced manufacturing PMI gauged by Markit and the more relevant Canadian inflation figures and retail sales.

USD/CAD significant levels

As of writing the pair is up 0.02% at 1.2734 and a breakout of 1.2920 (20-day sma) would open the door to 1.3219 (high Apr.5) and then 1.3275 (55-day sma). On the flip side, the next support lines up at 1.2590 (2016 low Apr.20) followed by 1.2124 (monthly low Jun.24 2015) and finally 1.1916 (monthly low May 14 2015).


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