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17 Jun 2021

USD/CAD remains bullish, at six-week highs near 1.2350

  • Loonie under pressure amid lower crude oil and a decline in Wall Street.
  • US Dollar’s momentum remains in place, even as US yields pullback.

The USD/CAD is rising for the fifth consecutive day in a row and is holding onto all gains. It is hovering around 1.2340, near the six-week high it reached on Thursday at 1.2346, boosted by a rally of the US dollar.

The greenback accelerated to the upside after the FOMC statement and projections. The Fed signaling the possibility of rising interest rate earlier than previously expected, triggered a new leg higher of the dollar that is still running. The USD/CAD found resistance at 1.2340/45 for now. It continues to press higher. Above the next resistance is seen at 1.2380 followed by 1.2400.

The odds of a consolidation or a bearish correction arise from the fact that USD/CAD has risen more than 250 pips from the level it had a week ago. No signs are seen at the moment and the bullish tone remains intact.

Economic data from the US came in below expectations with jobless claims rising back above 400K and the Philly Fed falling to 30.7. Still the dollar held onto gains. Not even a retreat in US yields offset the recent strength.

Another negative factor for the loonie and also commodity and emerging market currencies is the decline in equity prices. Investors turned cautious after the FOMC. Weaker stocks mean more demand for safe havens, like the US dollar.

Technical levels

 

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