USD / CAD Hits Five Week Highs As Dollar Extends Advancement Against Commodity Currencies | Business Top stories

USD / CAD Hits Five Week Highs As Dollar Extends Advancement Against Commodity Currencies

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USD / CAD climbs to 1.2570, its highest since October 7, and threatens to break 100-day moving average

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Commodity currencies bear the brunt of the decline in the FX space today, being punished by the rising dollar; although the advance of the greenback against the euro and the pound sterling has been reduced in the last hour.

USD / CAD in particular is now at new five week highs and aims to establish the next bullish step as price threatens a break out of its 100 day moving average (red line) @ 1.2537.

Hold a break above that and buyers will see a more bullish bias moving forward.

There will be resistance closer to 1.2600 and then the 50.0 retracement level of the recent swing movement drops around 1.2619. This could contain the gains a bit, but it’s difficult to combat the dollar’s momentum right now on several charts.

Elsewhere, AUD / USD is down 0.5% to 0.7290 while NZD / USD is down 0.6% to 0.7015.

The former is in a tough spot and the breakout down this week continues as the latter now sees sellers testing the waters below its own 100-day moving average of 0.7023.

The hard part to reconcile with the decline in commodity currencies today is that it comes against the backdrop of a slightly more positive mood in stocks. European indices are mixed but stable, with the DAX briefly hitting record highs and rising 0.1% now.

Meanwhile, S&P 500 futures are up 0.3%, Nasdaq futures are up 0.5%, Dow futures are up 0.1%.

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USD / CAD Hits Five Week Highs As Dollar Extends Advancement Against Commodity Currencies

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