7 Jul 2015
USD/CAD shoots to highs near 1.2760
FXStreet (Edinburgh) - The greenback remains its march north unabated on Tuesday, now lifting USD/CAD to fresh tops around 1.2760.
USD/CAD stronger on risk-aversion
The pair is advancing for the third consecutive week so far, bolstered by a solid tone around the US dollar along with bearish prospects for its Canadian neighbour. The persistent uncertainty and pessimism around Greece remains another relevant driver for USD strength, all in light of today’s EU Leaders Summit.
Data wise across the pond, US trade deficit came in at $41.87 billion during June, bettering forecasts although showing a significant decrease in exports. On the Canadian side, the trade deficit widened to $3.34 billion in May from April’s $2.99 billion.
USD/CAD key levels
At the moment the pair is up 0.81% at 1.2754 with the initial hurdle at 1.2784 (high Mar.31) followed by 1.2800 (psychological level) and finally 1.2823 (high Mar.13). On the other hand, a breakdown of 1.2537 (low Jul.3) would open the door to 1.2487 (low Jul.1) and then 1.2362 (low Jun.30).
USD/CAD stronger on risk-aversion
The pair is advancing for the third consecutive week so far, bolstered by a solid tone around the US dollar along with bearish prospects for its Canadian neighbour. The persistent uncertainty and pessimism around Greece remains another relevant driver for USD strength, all in light of today’s EU Leaders Summit.
Data wise across the pond, US trade deficit came in at $41.87 billion during June, bettering forecasts although showing a significant decrease in exports. On the Canadian side, the trade deficit widened to $3.34 billion in May from April’s $2.99 billion.
USD/CAD key levels
At the moment the pair is up 0.81% at 1.2754 with the initial hurdle at 1.2784 (high Mar.31) followed by 1.2800 (psychological level) and finally 1.2823 (high Mar.13). On the other hand, a breakdown of 1.2537 (low Jul.3) would open the door to 1.2487 (low Jul.1) and then 1.2362 (low Jun.30).