USD/CAD Climbs to Highs Near 1.3070

USD/CAD Climbs to Highs Near 1.3070

27 May 2016, 15:53
Roberto Jacobs

USD/CAD Climbs to Highs Near 1.3070

The greenback is gathering further steam vs. its Canadian peer today, now lifting USD/CAD to test fresh tops in the 1.3060/70 band.

USD/CAD up up up its goes

Spot is stretching out its recent break above the psychological 1.3000 handle in spite of US GDP figures have come in below initial forecasts, showing the economy grew at an annualized pace of 0.8% vs. 0.9% expected.

Collaborating with the upside, crude oil prices remain on the negative territory, deflating further from yesterday’s fresh 2016 tops above the critical $50.00 mark, ahead of the US oil rig count tracked by driller Baker Hughes.

Next on tap for the pair will be the gauge of US Consumer Sentiment measured by the Reuters/Michigan index followed by the speech by Chairwoman J.Yellen.

USD/CAD significant levels

As of writing the pair is up 0.65% at 1.3051 and a break above 1.3191 (high May 24) would open the door to 1.3312 (38.2% Fibo of 1.4692-1.2458) and finally 1.3364 (200-day sma). On the flip side, the next support aligns at 1.2935 (55-day sma) seconded by 1.2912 (high May 26) and then 1.2768 (low May 12).


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