FXStreet (Edinburgh) – The greenback extends its upbeat momentum on Thursday, now pushing USD/CAD through the key barrier at 1.2500.
USD/CAD in 6-week tops
Spot is advancing almost uninterruptedly since 2015 lows in the 1.1900 neighbourhood posted in early May, propped up by a re-emergence of the buying interest around the US dollar.
The pair is gaining further traction today despite US Initial Claims missed expectation during last week, increasing to 282K vs. 270K expected. On the Canadian side, the Current Account deficit widened to $17.5 billion during the first quarter, up from $13.1 billion previous.
USD/CAD key levels
At the moment the pair is up 0.38% at 1.2501 with the next up barrier at 1.2514 (high May 28) followed by 1.2522 (high Aprl.7) and then 1.2555 (low Apr.13). On the downside, a break below 1.2434 (low May 28) would expose 1.2396 (low May 27) and finally 1.2304 (low May 26).
The greenback extends its upbeat momentum on Thursday, now pushing USD/CAD through the key barrier at 1.2500…
(Market News Provided by FXstreet)