CAD Continues to Show Strength against USD

The Canadian Dollar (CAD) is showing a strong performance against the US Dollar (USD), supported by the recovery of oil prices, reaching its highest level in five months.

Meanwhile, the USD continues to show general weakness across the board against major currencies.

The USD/CAD has decreased by around 5.8% since the beginning of April.

The USD/CAD is down by 0.33%, trading at 1.32817.

Earlier today, the pair reached 1.33270 and a low of 1.32335, which was the highest level for the Canadian dollar since late February.

Purchasing managers’ indices (PMIs) in the United States showed a mostly positive performance during the month of July, while mployment in the US’ private sector rose by 167,000 new jobs.

Meanwhile, the trade deficit narrowed in the US but expanded in Canada, but a surge in oil prices to their highest level in five months provided strong support to the Canadian currency against the greenback.

Support Levels: 1.3287 – 1.3252 – 1.3185

Resistance Levels: 1.3389 – 1.3456 – 1.3491