26 May 2015
USD/CAD shoots to fresh 6-week highs
FXStreet (Mumbai) - The bid tone in the USD/CAD pair heightened in the European morning, taking the pair to fresh six week highs beyond 1.23 barrier, mainly triggered by a surge in broad based USD buying with stops triggered in USD/JPY boosting further upmoves.
USD/CAD rises from 1.2311
Currently, the USD/CAD trades 0.20% higher at fresh session highs of 1.2340, having previously posted session lows at 1.2276. The USD/CAD pair was boosted by soaring USD/JPY after stops were hit above 122 handle, driving US dollar higher across the board.
The dollar index which measures the greenback’s strength against its major peers, trades near session highs at 97.14, recording a 70% gain on the day.
Meanwhile, traders will watch today's durable goods orders later in the US session to confirm the latest dollar's strength. Figures are followed by Services PMI, consumer confidence and new home sales, so the day ahead is heavy on macro data from the US.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2350 levels and above which it could extend gains 1.2400 levels. To the downside immediate support might be located at 1.2300 levels, below that at 1.2276.
USD/CAD rises from 1.2311
Currently, the USD/CAD trades 0.20% higher at fresh session highs of 1.2340, having previously posted session lows at 1.2276. The USD/CAD pair was boosted by soaring USD/JPY after stops were hit above 122 handle, driving US dollar higher across the board.
The dollar index which measures the greenback’s strength against its major peers, trades near session highs at 97.14, recording a 70% gain on the day.
Meanwhile, traders will watch today's durable goods orders later in the US session to confirm the latest dollar's strength. Figures are followed by Services PMI, consumer confidence and new home sales, so the day ahead is heavy on macro data from the US.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2350 levels and above which it could extend gains 1.2400 levels. To the downside immediate support might be located at 1.2300 levels, below that at 1.2276.