USD/CAD hits six-day highs above 1.2850

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  • The Canadian dollar among the worst results of the American session.
  • US and Canadian bonds rise strongly.
  • USD/CAD rises to the highest level since last Wednesday.

The USD/CAD It broke higher after trading in a small range for hours and jumped to 1.2872, reaching the highest level since last Thursday. The pair remains near the highs, with the bullish momentum intact.

Loonie weakens, USD/CAD bounces off weekly lows

The loonie fell across the board during the American session amid risk aversion. She also lost ground against the AUD and the NZD. The Dow Jones falls 1.40% and the Nasdaq 3.40%. US and Canadian yields are falling, currently at multi-day lows.

The fall in share prices offered some support to the dollar, which was affected by weaker-than-expected US economic data. The S&P Global PMI disappointed expectations. The S&P Global Composite fell in May to the lowest level in five months, according to preliminary data, to 53.8, below the 56 and 55.5 market consensus. New home sales fell 16.6% in April, worse than expected. The FOMC Minutes will be released on Wednesday. In Canada, the next major economic report will be released on Thursday with retail sales.

Resistance before 1.2890

USD/CAD is turning higher, rebounding from two-week lows. The pair found support above 1.2760 and is now looking to test the 1.2890 area. A consolidation above 1.2900 should bolster the dollar’s outlook.

On the other hand, 1.2815/20 is the key support. If USD/CAD breaks below, the recent low at 1.2764 would be exposed. Below, the next support lies at 1.2714 (low May 5).

Technical levels

USD/CAD

Panorama
Last Price Today 1.2827
Today’s Daily Change 0.0060
Today’s Daily Change % 0.47
Today’s Daily Opening 1.2767
Trends
20 Daily SMA 1.2874
50 Daily SMA 1.2698
100 Daily SMA 1.2694
200 Daily SMA 1.2661
levels
Previous Daily High 1,285
Previous Daily Minimum 1.2766
Previous Maximum Weekly 1.2982
Previous Weekly Minimum 1.2776
Monthly Prior Maximum 1,288
Previous Monthly Minimum 1.2403
Daily Fibonacci 38.2% 1.2799
Daily Fibonacci 61.8% 1.2818
Daily Pivot Point S1 1.2739
Daily Pivot Point S2 1.2711
Daily Pivot Point S3 1.2655
Daily Pivot Point R1 1.2822
Daily Pivot Point R2 1.2878
Daily Pivot Point R3 1.2906

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Source: Fx Street

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