USD/CAD rises further to test 1.3400 on US dollar strength

A stronger US dollar boosts USD/CAD to the highest level in a week.
Greenback’s on demand and fully recovered from yesterday’s losses.

Matías Salord FXStreet

The USD/CAD pair rose further during the US session and reached at 1.3398, the highest level since March 12. From the top pulled back modestly and as of writing was trading at 1.3375, consolidating a daily gain of 75 pips.

The greenback is sharply higher across the board today while the Loonie is among the worst performers. Not even a stabilization of the WTI barrel near $60.00 and better-than-expected Canadian data were able to help the Loonie. The US dollar appears to have left behind the weakens that followed yesterday’s FOMC meeting. Data released today from the US, showed a rebound in the Philly Fed back into positive territory. On Friday, the key report for the pair will be inflation data from Canada.

USD/CAD Breaking key technical level

Yesterday after the FOMC meeting USD/CAD approached the 1.3250 support area and bounced to the upside. The rebound continued today and was strong enough to push the price above a key short-term resistance seen around 1.3365/70 that capped the upside last week. If the US dollar manages to hold on top, the outlook would point to further gains. The next resistance above 1.3400 is seen at 1.3415/20.

On the downside, a retreat back below 1.3360 would put the price back on the previous range between 1.3360 and 1.3250. But technical indicators are biased to the upside at the moment.

USD/CAD

Overview
Today last price	1.3367
Today Daily Change	0.0062
Today Daily Change %	0.47
Today daily open	1.3305

Trends
Daily SMA20	1.3299
Daily SMA50	1.3266
Daily SMA100	1.3308
Daily SMA200	1.3192

Levels
Previous Daily High	1.3349
Previous Daily Low	1.3257
Previous Weekly High	1.344
Previous Weekly Low	1.3287
Previous Monthly High	1.3341
Previous Monthly Low	1.3069
Daily Fibonacci 38.2%	1.3292
Daily Fibonacci 61.8%	1.3314
Daily Pivot Point S1	1.3259
Daily Pivot Point S2	1.3213
Daily Pivot Point S3	1.3168
Daily Pivot Point R1	1.335
Daily Pivot Point R2	1.3395
Daily Pivot Point R3	1.3441

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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