FXStreet (Edinburgh) – The greenback keeps appreciating vs. its Canadian counterpart on Wednesday, lifting USD/CAD to test fresh 12-year highs just above 1.4100 the figure.
USD/CAD firmer ahead of FOMC minutes, ADP
The persistent weakness around crude oil prices continues to weigh on the Canadian dollar so far, intensifying its downside pressure and thus boosting spot to levels last seen in August 2003 around the 1.4100 mark.
Other than crude oil prices, the USD dynamics will continue to have an impact on the pair today in light of the publication of the ADP report, trade balance and FOMC minutes in the US economy and the trade balance figures in Canada.
USD/CAD key levels
At the moment the pair is up 0.66% at 1.4082 facing the next resistance levels at 1.4166 (high Aug.22 2003) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003). On the downside, a breach of 1.3627 (3-month uptrend) would target 1.3494 (55-day sma) and then 1.3353 (100-day sma).
(Market News Provided by FXstreet)