USD/CAD reaches highest level in almost 3 weeks

USD/CAD climbed to marginal new highs at the beginning of the American session as the dollar strengthened broadly while the loonie failed to benefit from above expectations domestic data.

USD/CAD climbed to its highest level in almost 3 weeks at 1.3064 in recent dealings. At time of writing, the pair is trading at 1.3060, recording a 0.39% gain on the day.

Data showed Canadian current account deficit widened to CAD 19.86 billion in the second quarter, below the 20.5 billion deficit expected. Meanwhile, industrial product price rose 0.2% in July versus a decline of 0.1% expected.

USD/CAD levels to consider

In terms of technical levels, next resistances are seen at 1.3079 (Aug 11 high), 1.3122 (Aug 10 high) and 1.3189 (Aug 9 high).  On the flip side, supports could be faced at 1.3001 (50-day SMA), 1.2928 (100-day SMA) and 1.2900 (psychological level).