1 May 2015
USD/CAD hits 1-week high above 1.2200
FXStreet (Córdoba) - USD/CAD broke above the 1.2150 area and accelerated through 1.2200 to hit its highest level in a week despite the release of lackluster US data.
The dollar strengthened broadly at the beginning of the New York session and sent USD/CAD to a peak of 1.2204 before finding resistance. The pair has backed away from highs and it was last trading at 1.2170, recording a 0.8% gain on the day.
USD/CAD technical perspective
“USD/CAD has rallied strongly from sub-1.20 levels earlier in the week but slipped rather easily off the highs in the low 1.21 area yesterday, making the bounce in funds look a little less impressive”, said the TD Securities team. “We still think the bias is higher though; the USD has found good support in the overnight session through the 1.2080s and the general step higher from the mid-week low remains intact”.
The dollar strengthened broadly at the beginning of the New York session and sent USD/CAD to a peak of 1.2204 before finding resistance. The pair has backed away from highs and it was last trading at 1.2170, recording a 0.8% gain on the day.
USD/CAD technical perspective
“USD/CAD has rallied strongly from sub-1.20 levels earlier in the week but slipped rather easily off the highs in the low 1.21 area yesterday, making the bounce in funds look a little less impressive”, said the TD Securities team. “We still think the bias is higher though; the USD has found good support in the overnight session through the 1.2080s and the general step higher from the mid-week low remains intact”.