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11 Mar 2015
USD/CAD extends above 1.2700
FXStreet (Edinburgh) - The greenback keeps pushing higher on Wednesday, now lifting USD/CAD to the upper-1.2700s, or session highs.
USD/CAD in multi-week peaks
The pair is extending its advance for the second consecutive week so far, cementing the bounce off the 1.2400 neighbourhood. The solid tone from the US dollar remains the exclusive driver in the pair’s price action, ahead of the key FOMC meeting due next week.
Ahead in the week, the salient releases in the US docket will be February’s Retail Sales (Thursday) and the Reuters/Michigan index (Friday). In Canada, the labour market figures will be the main highlight, due on Friday.
USD/CAD key levels
At the moment the pair is advancing 0.56% at 1.2761 and a break above 1.2772 (high Feb.2) would open the door to 1.2800 (2015 high Jan.30) and then 1.2845 (high Mar.13 2009). On the downside, the immediate support aligns at 1.2664 (low Mar.11) followed by 1.2598 (low Mar.10) and finally 1.2574 (low Mar.9).
USD/CAD in multi-week peaks
The pair is extending its advance for the second consecutive week so far, cementing the bounce off the 1.2400 neighbourhood. The solid tone from the US dollar remains the exclusive driver in the pair’s price action, ahead of the key FOMC meeting due next week.
Ahead in the week, the salient releases in the US docket will be February’s Retail Sales (Thursday) and the Reuters/Michigan index (Friday). In Canada, the labour market figures will be the main highlight, due on Friday.
USD/CAD key levels
At the moment the pair is advancing 0.56% at 1.2761 and a break above 1.2772 (high Feb.2) would open the door to 1.2800 (2015 high Jan.30) and then 1.2845 (high Mar.13 2009). On the downside, the immediate support aligns at 1.2664 (low Mar.11) followed by 1.2598 (low Mar.10) and finally 1.2574 (low Mar.9).