USD/CAD retreats toward 1.2570 after a spike to 1.2606

Loonie recovers after a spike lower across the board.
Price action remains limited on Friday, USD posts mixed results.

Matías Salord FXStreet

The USD/CAD jumped to 1.2606 during the American session, reaching the highest level in two days and then pulled back below 1.2600. Near the end of the week, it is hovering around 1.2575, slightly lower for the week.

Price action remains capped on Friday among major currency pairs, excluding USD/JPY. The USD/CAD is back in the recent familiar range between 1.2600 and 1.2540.

The US dollar is posting mixed results on Friday. Higher US yields are being offset by an improvement in risk appetite. The Dow Jones gains 075% and the Nasdaq by 0.80. Commodity-link currencies are being supported by the improvement in sentiment. The CAD is among the weakest, even after a better-than-expected Canadian retail sales report.

Despite the decline on Friday, the loonie is still among the top performer of the week. The USD/CAD is trading slightly below the level it had a week ago. “The loonie has been the best-performing currency in the G10 this week, possibly benefiting from a delayed reaction to last week’s Bank of Canada meeting (which saw another round of tapering) after some profit-taking appeared to have got in the way after the meeting”, explained analysts at ING.

Technical levels

USD/CAD

Overview
Today last price	1.2578
Today Daily Change	0.0015
Today Daily Change %	0.12
Today daily open	1.2563

Trends
Daily SMA20	1.2484
Daily SMA50	1.2284
Daily SMA100	1.2373
Daily SMA200	1.2617

Levels
Previous Daily High	1.2595
Previous Daily Low	1.2529
Previous Weekly High	1.2621
Previous Weekly Low	1.2427
Previous Monthly High	1.2487
Previous Monthly Low	1.2007
Daily Fibonacci 38.2%	1.257
Daily Fibonacci 61.8%	1.2554
Daily Pivot Point S1	1.253
Daily Pivot Point S2	1.2497
Daily Pivot Point S3	1.2464
Daily Pivot Point R1	1.2595
Daily Pivot Point R2	1.2628
Daily Pivot Point R3	1.2661

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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