USD/CAD hits fresh 6-week highs, 1.3100 within reach

The Canadian dollar smashing extends into a third straight session today, driving USD/CAD to fresh multi-week highs just shy of 1.31 handle.

USD/CAD poised for third straight weekly rise

Currently, the USD/CAD pair rises 0.38% to 1.3082, trading within a striking distance of fresh six-week highs reached at 1.3091 in the last hour. The Loonie suffers heavily this session largely on the back of extensive sell-off in the oil, with the black gold extending its retreat from seven-month tops. Both crude benchmarks are down nearly 2% on the back of increasing US supplies and Iranian exports.

Looking ahead, nothing of note for the major today, barring the US jobless claims and Philly Fed manufacturing index and hence, focus shifts towards the Canadian CPI and retail sales figures due for release tomorrow for fresh direction on the major.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3100 (round number) and 1.3129/58 (daily R2/ April 8 High). To the downside, immediate support might be located at 1.3028 (1h 20-SMA) and below that at 1.2984/74 (daily pivot/ 5-DMA).