USD/CAD touches a high of 1.3309 during the session
The dollar is staying well bid in European trading today as it extends gains against other major currencies - barring the yen. For USD/CAD, buyers are looking to sustain a hold above the 100-hour MA (red line) @ 1.3294 and also the 1.3300 handle.
The pair basically hugged the figure level in majority of trading last week but broke above to a high of 1.3382 following poor Canadian retail sales and inflation figures. The jump was just shy of the 76.4 retracement level on the daily chart (below) @ 1.3384 and the pair fell back down thereafter to close the day under the 100-hour MA.
For buyers, a re-test of the 1.3384 resistance level would require a firm break and hold above the 1.3300 level for starters but so far we're not getting any fresh catalyst in the pair as of yet. The trade rhetoric has helped the dollar edge higher on the day, but so far it's lacking an oomph to push further to the upside.
However, stay above the 100-hour MA and near-term sentiment remains bullish so that will be a key battleground for buyers today at the very least.
