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CAD Rises to Highest Level in Two Weeks

M. Ali 6 October, 2020 1:04 am Forex Market, Market Update

The Canadian Dollar (CAD) rose to its highest level in about two weeks against the US Dollar (USD), supported by a surge in oil prices of more than 5%.

Gains by the CAD are amplified by the USD general weakness across the board, amid an improvement in risk appetite.

The CAD is trading higher against the USD by 0.38% for the day, with the USD/CAD trading at 1.3257, which is the highest level for the Canadian currency against its American counterpart since September 21.

The pair closed last week at the level of 1.3308, and today, it moved in a range between 1.3257 and 1.3305.

Support Levels: 1.3278 – 1.3251 – 1.3224

Resistance Levels: 1.3332 – 1.3359 – 1.3386

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