USD/CAD breaks above 1.3000

USD/CAD extended gains above the 1.30 mark during the European session as the greenback continues to outperform most of its peers.

USD/CAD broke above the 1.3000 psychological level and climbed to its highest in two weeks at 1.3036, with the retreat in oil prices adding pressure to the loonie.  At time of writing, the pair was trading at 1.3015, recording a 0.81% gain on Thursday. USD/CAD has risen for the last six days uninterruptedly, accumulating over 350 pips, as it recovers from a  1-month low of 1.2654.

USD/CAD levels to watch

On the upside, immediate resistances are seen at 1.3055 (Jun 2 low), 1.3105 (Jun 3 high) and 1.3157 (100-day SMA). On the downside, supports could be found at  1.2950 (20-day SMA), 1.2895 (Jun 16 low) and 1.2860 (50-day SMA).