USD/CAD rises above 1.3900 for first time since May 2004

By FXStreet FXStreet (Córdoba) – The US dollar gained momentum and broke above the 1.3900 mark against the loonie, climbing to fresh 11-year highs underpinned by US yields.

USD/CAD rallied more than 100 pips in a matter of minutes and reached its highest level since May 2004 at 1.3943 as the dollar extends gains across the board while investors continue to digest the Federal Reserve lift-off. At time of writing, the pair is trading at 1.3920, recording a 1.03% gain on Thursday and up 1.50% so far this week.

USD/CAD levels to watch

As for technical levels, USD/CAD could find next resistances at 1.4003 (May 18 2004 high), 1.4086 (Aug 28 2003 high) and 1.4100 (psychological level). On the other hand, immediate supports could be faced at 1.3777 (Dec 17 low), 1.3727 (Dec 16 low) and 1.3672 (Dec 15 low).

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Source:: FX Street