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11 Mar 2015
USD/CAD climbs to 5-week high above 1.2700
FXStreet (Córdoba) - USD/CAD broke above the 1.27 mark and climbed to a fresh 5-week high at the beginning of the American session as the greenback continues to benefit from expectations of mid-year Fed rate hike.
USD/CAD has risen more than 100 pips from yesterday’s lows and reached a peak of 1.2717 in recent dealings. At time of writing, the pair is trading at the 1.2705 zone, recording a 0.15% gain on Wednesday.
USD/CAD remains on a bullish bias amid divergent monetary policies prospects between the Fed and the BoC and with the loonie having lost more than 9% so far in 2015 weighed by oil’s prices slump.
This week's key CAD event risk is Friday's February jobs data, where a 5,000 fall in employment is expected and the unemployment rate is expected to rise to 6.7% from 6.6%.
USD/CAD technical levels
As for technical levels, USD/CAD could find immediate resistances at 1.2772 (Feb 2 high) and 1.2800 (psychological level/Jan 30 high). On the flip side, supports are seen at 1.2663 (daily low) and 1.2600 (psychological level).
USD/CAD has risen more than 100 pips from yesterday’s lows and reached a peak of 1.2717 in recent dealings. At time of writing, the pair is trading at the 1.2705 zone, recording a 0.15% gain on Wednesday.
USD/CAD remains on a bullish bias amid divergent monetary policies prospects between the Fed and the BoC and with the loonie having lost more than 9% so far in 2015 weighed by oil’s prices slump.
This week's key CAD event risk is Friday's February jobs data, where a 5,000 fall in employment is expected and the unemployment rate is expected to rise to 6.7% from 6.6%.
USD/CAD technical levels
As for technical levels, USD/CAD could find immediate resistances at 1.2772 (Feb 2 high) and 1.2800 (psychological level/Jan 30 high). On the flip side, supports are seen at 1.2663 (daily low) and 1.2600 (psychological level).