FXStreet (Edinburgh) – The Canadian dollar is now quickly depreciating vs. its American neighbour, lifting USD/CAD to fresh daily highs near 1.2460.
USD/CAD stronger post CAD data
The pair gained further ground after Canadian GDP figures showed the economy contracted at a monthly pace of 0.1% during April, missing estimates for a 0.1% gain. Furthermore, US Consumer Confidence surpassed consensus during June, climbing to 101.4 vs. 95.4 in the previous month.
Spot is thus posting fresh 3-week tops around 1.2460 in a context where the US dollar remains well bid despite the ongoing confusion in Greece.
USD/CAD levels to watch
At the moment the pair is up 0.42% at 1.2456 and a break above 1.2472 (high Jun.8) would open the door to 1.2509 (high Jun.3) and finally 1.2531 (high Jun.2). On the other hand, the next support lines up at 1.2304 (low Jun.29) followed by 1.2276 (low Jun.24) and then 1.2218 (low Jun.22).
(Market News Provided by FXstreet)