USD/CAD clocks fresh weekly highs ahead of jobs data

The bid tone behind the US dollar keeps growing bigger in the European session, driving USD/CAD to fresh weekly tops above 1.3250 levels.

USD/CAD firmer ahead of employment report

Currently, the USD/CAD pair rises +0.29% to 1.3255, receding slightly from fresh one-week highs reached at 1.3264 in the last hour. The major closely tracks the US dollar price-action against its major competitors, as we progress towards the employment data releases from both the North-American neighbors.

Further, weaker demand for commodities amid risk-off market profile, led by the GBP crash, adds to the poor sentiment behind the resource-linked Loonie. Meanwhile, both crude benchmarks trade modestly flat, while the USD index jumps +0.37% to test three-month peaks of 97.11.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3282 (Sept high) and 1.3300 (round figure) and from there to 1.3350 (psychological levels). To the downside, immediate support might be located at 1.3200 (round number) and below that at 1.3164 (10 & 20-DMA) and at 1.3136 (daily S2).