USD/CAD jumps above 1.2950 as buy-stops hit

Author: Adam Button | Category: News

Fresh highs in USD/CAD

A round of risk aversion is weighing on the Canadian dollar and giving a lift to USD/CAD.

The pair had been restrained by offers at 1.2950 but those gave way in the latest push. Stops were hit on the way in a quick move to 1.2974.

The big level is 1.3000. That was tested and held last week before the US dollar slumped on non-farm payrolls. The driver higher today was a dovish speech from Bank of Canada Governor Stephen Poloz.

US retail sales tomorrow will be the key release for the pair. The Canadian economic calendar is generally quiet for the rest of the week.