Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD unstoppable, aims to 1.3100
FXStreet (Edinburgh) – The greenback is rapidly appreciating vs. its Canadian counterpart on Friday, lifting USD/CAD to fresh cycle highs beyond 1.3080.
USD/CAD boosted by CAD weakness
Spot has managed to break the tough resistance band at 1.3060/65 and advance closer to the psychological mark at 1.3100, extending its positive streak for five weeks now.
While the softness around crude oil prices and a looser stance from the BoC continue to weigh on CAD, the renewed bid tone in the greenback today is helping spot to climb higher levels ahead of the upcoming US releases: New Home Sales and Markit’s manufacturing PMI for the month of July.
USD/CAD key levels
As of writing the pair is advancing 0.41% at 1.3091 with the immediate resistance at 1.3100 (psychological level) followed by 1.3200. On the other hand, a breach of 1.3015 (low Jul.24) would open the door to 1.2954 (low Jul.23) ahead of 1.2934 (low Jul.22).
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USD/CAD unstoppable, aims to 1.3100
Source: FXStreet
