USD/CAD climbs above 1.2100 on renewed USD strength

USD/CAD rose above 1.2100 ahead of American session.
US Dollar Index edges higher on recovering US T-bond yields.
Eyes on the UoM's US consumer confidence data.

Eren Sengezer FXStreet

The USD/CAD pair gained traction ahead of the American session and rose to a session high of 1.2109. As of writing, the pair was up 0.1% on the day at 1.2106. Despite this modest recovery, the pair stays within its tight weekly range and looks to end the week flat.

USD outperforms its rivals on Friday

The renewed USD strength seems to be helping USD/CAD push higher on Friday. The US Dollar Index (DXY), which closed in the negative territory, reversed its direction on Friday and was last seen gaining 0.26% at 90.30. In the absence of high-tier macroeconomic data releases and fundamental drivers, the 1% rebound witnessed in the 10-year US Treasury bond yield seems to be helping the greenback find demand.

Later in the session, the University of Michigan will release the initial estimate of the US Consumer Sentiment Index for June.

First-quarter Capacity Utilization data will be featured in the Canadian economic docket. Moreover, Bank of Canada Deputy Governor Paul Beaudry is scheduled to deliver a speech at 1500 GMT.

Meanwhile, the barrel of West Texas Intermediate (WTI) is rising 0.5% on the day at $70.40, helping the commodity-sensitive loonie limit its losses for the time being.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2108
Today Daily Change	0.0012
Today Daily Change %	0.10
Today daily open	1.2096

Trends
Daily SMA20	1.2082
Daily SMA50	1.2272
Daily SMA100	1.2458
Daily SMA200	1.2739

Levels
Previous Daily High	1.2125
Previous Daily Low	1.207
Previous Weekly High	1.2133
Previous Weekly Low	1.2007
Previous Monthly High	1.2352
Previous Monthly Low	1.2013
Daily Fibonacci 38.2%	1.2091
Daily Fibonacci 61.8%	1.2104
Daily Pivot Point S1	1.2069
Daily Pivot Point S2	1.2042
Daily Pivot Point S3	1.2014
Daily Pivot Point R1	1.2124
Daily Pivot Point R2	1.2152
Daily Pivot Point R3	1.218

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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