12 Jun 2015
USD/CAD in session highs, 1.2350 on sight
FXStreet (Edinburgh) - The US dollar is now picking up pace vs. its Canadian counterpart, lifting USD/CAD to post fresh daily peaks near 1.2350.
USD/CAD attention to US data
A bout of buying interest in the US dollar is pushing spot higher following the US opening while a persistent offered tone in crude oil prices keeps weighing on the Canadian currency.
While market participants are waiting for the anticipated Reuters/Michigan index (91.5 exp. in June), US Producer Prices came in mixed during the last moth, rising 0.5% on a monthly basis and contracting 1.1% YoY.
USD/CAD key levels
At the moment the pair is up 0.43% at 1.2347 and a break above 1.2352 (high Jun.10) would aim for 1.2400 (psychological level) and then 1.2442 (high Jun.9). On the other hand, the immediate support aligns at 1.2276 (low Jun.12) followed by 1.2173 (low May 22) and finally 1.2170 (low May 20).
USD/CAD attention to US data
A bout of buying interest in the US dollar is pushing spot higher following the US opening while a persistent offered tone in crude oil prices keeps weighing on the Canadian currency.
While market participants are waiting for the anticipated Reuters/Michigan index (91.5 exp. in June), US Producer Prices came in mixed during the last moth, rising 0.5% on a monthly basis and contracting 1.1% YoY.
USD/CAD key levels
At the moment the pair is up 0.43% at 1.2347 and a break above 1.2352 (high Jun.10) would aim for 1.2400 (psychological level) and then 1.2442 (high Jun.9). On the other hand, the immediate support aligns at 1.2276 (low Jun.12) followed by 1.2173 (low May 22) and finally 1.2170 (low May 20).