USD/CAD hits fresh 7-week highs ahead of US dataflow

The US dollar extends its bullish momentum versus its Canadian peer in early Europe, driving USD/CAD further beyond 1.32 handle.

USD/CAD eyes US data

Currently, the USD/CAD pair advances 0.15% to fresh seven-week tops of 1.3215, finally extending a break above 1.3200. USD/CAD prolongs its upward trajectory for almost seven days and clinches multi-week highs, mainly in response to the recent declines in oil prices.

While the latest leg higher in the major is largely on the back of a pick-up in buying interest seen around the US dollar versus its major rivals, as markets resort to repositioning ahead of a flurry of US economic releases due later in the NA session.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3253 (July high) and 1.3300 (round figure). To the downside, immediate support might be located at 1.3167 (200-DMA) and below that at 1.3134 (5-DMA).