USD/CAD in Highs Closer to 1.3000

USD/CAD in Highs Closer to 1.3000

18 May 2016, 14:33
Roberto Jacobs
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USD/CAD in Highs Closer to 1.3000

The greenback is trading on a firmer footing vs. its Canadian counterpart on Wednesday, with USD/CAD posting peaks above 1.2980.

USD/CAD attention to FOMC minutes

Spot is advancing for the second consecutive session today, trading at shouting distance from the psychological handle at 1.3000 and on its way to test early May tops at 1.3015 amidst increasing USD strength. 

In the meantime, CAD keeps its offered tone following a sideline theme in crude oil prices, posting marginal losses so far albeit above the $48.00 mark ahead of the EIA weekly report on crude oil inventories.

USD/CAD significant levels 

As of writing the pair is advancing 0.61% at 1.2987 and a breakout of 1.3015 (high May 9) would open the door to 1.3219 (high Apr.5) and then 1.3312 (38.2% Fibo of 1.4692-1.2458). On the other hand, the immediate support aligns at 1.2779 (20-day sma) followed by 1.2768 (low May 12) and finally 1.2461 (2016 low May 3).


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