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USD remains strong against CAD as Dollar index reaches 2-week high

  • USD on Thursday remains relatively strong against CAD in spite of solid manufacturing data from Canada
  • USD/CAD opened at 1.3410, went up to 1.3421, and later retreated to below 1.3420
  • This after USD index reached a 2-week high

The USD on Thursday remains fairly strong against the CAD, in spite of the surprisingly solid manufacturing data released by Canada earlier, and oil prices that have risen above $63 again.

The USD/CAD opened close to 1.3410 and later reached a high of 1.3432. After that it fell back to under 1.3420.

With the USD index reaching a 2-week high at 97.81 the strong dollar performance is not surprising. The USD/CAD’s closest resistance level is at 1.3450, and to the downside the 50-day moving average at 1.3390 is a support level to watch.