USD/CAD hits fresh 2-month highs

USD/CAD extended gains to fresh 2-month highs during the New York session amid broad USD strength as lower oil prices continue to weigh on the loonie.

USD/CAD climbed nearly a cent throughout the day and helped by stronger-than-expected US CPI figures, the greenback managed to reach a peak of 1.3247, last seen Jul 27. At time of writing, the pair was trading at 1.3217, up 0.4% on the day and on track to post a weekly gain.

USD/CAD technical levels

In terms of technical levels, immediate resistances are seen at 1.3260 (200-day SMA), 1.3295/1.3300 (Mar 24 high/psychological level) and not much till the 1.3390/1.3400 region. On the other hand, supports line up at 1.3127 (Sep 14 low), 1.3041 (10-day SMA) and 1.3000 (psychological level).