USD/CAD jumps above 1.1700

FXStreet (San Francisco) - The US dollar is trading in a firm note throughout the first day of trading in the year and now it's at fresh highs since May 2009 against the Canadian dollar.

Currently, USD/CAD is trading at 1.1720, up 0.85% on the day, having posted a daily high at 1.1731 and low at 1.1598.

The hourly FXStreet OB/OS Index is showing extremely overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.

USD/CAD levels

USD/CAD pair started 2015 with a bullish momentum, extending the rally that started six months ago in July 2014.

If the pair consolidates gains above 1.1700, it will find resistances at 1.1725, 1.1750 and 1.1760. To the downside, supports are at 1.1700, 1.1660 and 1.1650.