USD/CAD jumps to fresh highs near 1.2650

FXStreet (Mumbai) - The US dollar continues to outperform its Canadian rival in the European session, driving USD/CAD to fresh session highs, as the greenback extended its dominance on the fx markets, while markets totally shrugged off soaring oil prices.

Stronger USD pushes USD/CAD higher

Currently, the USD/CAD trades higher by 0.60% at 1.2641, retreating from fresh session highs posted at 1.2646 some minutes ago. The USD/CAD pair trades higher as traders preferred the reserved currency amid a deteriorating Chinese trade balance and worsening economic outlook in the world.

USD/CAD remains heavily bid despite rising oil prices failing to support the loonie as traders now shift focus towards US retails sales data amid lack of significant economic data from the US and Canada today.

USD/CAD Technical Levels

To the upside, the next resistance is located at 1.2669 levels and above which it could extend gains 1.2700 levels. To the downside immediate support might be located at 1.2560 levels, below that at 1.2540 levels.