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Forex: USD/CAD hits fresh 8-month high

The dollar took another step higher versus the loonie and reached a fresh 8-month peak during the American session, as the CAD weakened on the back off disappointing domestic data and broad risk aversion.

USD/CAD briefly rose above the 1.0300 mark and hit a high of 1.0308, last seen Jun 29. The pair however, lost momentum and pulled back slightly to currently trade around 1.0285, still up 0.6% on the day.

If the USD/CAD manages to break decisively above the 1.0300 level, next resistances are seen at 1.0340 (Jun 29 high) and 1.0360 (Jun 28 high). On the other hand supports could be found at 1.0215 (intraday low), 1.0200 (psychological level), and 1.0185 (10-day SMA).

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