USD/CAD Finds Resistance at 50-Day SMA
USD/CAD
pushed higher during the New York session, as the greenback continued
to strengthen across the board, while oil prices remain pretty steady
near recent highs.
USD/CAD reached a 3-day high of 1.2957 before the 50-day SMA capped the
advance. The pair has pulled back slightly and it was last trading at
1.2945, 0.78%, or 100 pips, above its opening price.
The greenback gathered momentum on Friday, supported by strong US retail sales and consumer sentiment data.
USD/CAD technical levels
In terms of technical levels, next resistances are seen at 1.2955
(50-day SMA) and 1.3015 (May 9 high). On the flip side, supports could
be found at 1.2834 (May 13 low), 1.2770 (May 12 low) and 1.2743 (20-day
SMA).
