USD/CAD Pushes Higher, Near 1.2780

USD/CAD Pushes Higher, Near 1.2780

4 May 2016, 13:04
Roberto Jacobs

USD/CAD Pushes Higher, Near 1.2780

The buying interest around the greenback remains unabated for the second session in a row, now sending USD/CAD to post daily highs near 1.2780.

USD/CAD up on oil drop, looks to ADP

Spot continues to derive support from the offered bias around CAD in response to a softer tone in crude oil prices. In fact, the barrel of the American benchmark WTI has breached the key $44.00 mark, slipping further to session lows near $43.60.

Market participants will now focus on the US ADP report, with consensus expecting the private sector to have added nearly 200K jobs during April. Moving forward, US and CAD trade balance figures are due later, followed by the ISM Non-manufacturing and the EIA weekly report.

USD/CAD significant levels

As of writing the pair is up 0.33% at 1.2767 and a break above 1.2988 (23.6% Fibo of 1.4692-1.2461) would open the door to 1.2992 (high Apr.18) and then 1.3094 (55-day sma). On the other hand, the next support aligns at 1.2461 (2016 low May 3) followed by 1.2400 (psychological level) and finally 1.2124 (monthly low Jun.24 2015).


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