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5 Aug 2014
USD/CAD climbs to fresh 2-month highs
FXStreet (Córdoba) - The USD/CAD resumed the upside after a pullback seen Monday, and printed fresh 2-month highs at the beginning of the New York session amid broad dollar strength.
The USD/CAD climbed to a high of 1.0951, stalling just a few pips shy of its June high of 1.0959. A reading of US Markit services PMI slightly below expectations (60.8 vs 61.0) did little to the USD. Next of note will be US Factory Orders (0.6% exp) and the ISM Non manufacturing for the month of July (56.3 exp).
The USD/CAD has been in recovery mode after bottoming out at 1.0619 early July, although the recovery has been losing pace as the spot moves closer to 1.1000.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at the 1.0940 zone, still up 0.33% on the day. As for technical levels, immediate resistances are seen at 1.0959 (Jun 5 high) and the 1.1000/04 area (psychological level/May 2 high). On the flip side, supports are seen at 1.0903 (Aug 5 & 4 lows), 1.0885 (100-day SMA) and 1.0848 (Jul 30 low).
The USD/CAD climbed to a high of 1.0951, stalling just a few pips shy of its June high of 1.0959. A reading of US Markit services PMI slightly below expectations (60.8 vs 61.0) did little to the USD. Next of note will be US Factory Orders (0.6% exp) and the ISM Non manufacturing for the month of July (56.3 exp).
The USD/CAD has been in recovery mode after bottoming out at 1.0619 early July, although the recovery has been losing pace as the spot moves closer to 1.1000.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at the 1.0940 zone, still up 0.33% on the day. As for technical levels, immediate resistances are seen at 1.0959 (Jun 5 high) and the 1.1000/04 area (psychological level/May 2 high). On the flip side, supports are seen at 1.0903 (Aug 5 & 4 lows), 1.0885 (100-day SMA) and 1.0848 (Jul 30 low).