USD/CAD hits the highest level in almost two weeks above 1.3100
- Canadian dollar among the worst performers of the American session.
- USD/CAD up for the third day in a row, back above the 20-day moving average.
The USD/CAD accelerated to the upside on Thursday and recently reached levels on top of 1.3100 for the first time since December 27. As of writing, it trades at 1.3095, up 50 pips for the day and almost 150 pips from Tuesday’s low.
The sharp reversal in USD/CAD took place amid a decline in crude oil prices that still goes on today, with WTI testing the $59.00 level. Also, the latest round of Canadian economic data has not been supportive. On Friday, jobs reports from Canada and the US will be released. Those numbers should have a large impact on the pair.
Another drive in the USD/CAD rally is the stronger US dollar. The greenback is today rising across the board. The DXY is up 0.20%, trading at 97.50, the highest since December 27.
Levels to watch
The USD/CAD is trading near the 20-day moving average that stands at 1.3080 and also to the 1.3100 resistance area. A daily close above would point to further gains for the pair. The next resistance is seen at 1.3130. On the flip side, support levels might be seen at 1.3040, followed by 1.3005/10.