USD/CAD finds resistance at 50-day SMA

USD/CAD pushed higher during the New York session, as the greenback continued to strengthen across the board, while oil prices remain pretty steady near recent highs.

USD/CAD reached a 3-day high of 1.2957 before the 50-day SMA capped the advance. The pair has pulled back slightly and it was last trading at 1.2945, 0.78%, or 100 pips, above its opening price.

The greenback gathered momentum on Friday, supported by strong US retail sales and consumer sentiment data.

USD/CAD technical levels

In terms of technical levels, next resistances are seen at 1.2955 (50-day SMA) and 1.3015 (May 9 high). On the flip side, supports could be found at 1.2834 (May 13 low), 1.2770 (May 12 low) and 1.2743 (20-day SMA).