FX.co ★ CAD Peaks at Highest Level Since March

The Canadian dollar rose 0.18% to around 1.37, its strongest level since March, largely on the back of broad-based US dollar weakness as the DXY index retreated toward 98.05. From a technical perspective, USDCAD has pulled back from its April peak near 1.390 and is now testing key support around 1.374. The loonie is also finding support from robust domestic data, including a 3.6% jump in February Manufacturing Sales and a 2% increase in Wholesale Sales. Although oil prices remain an important driver for the commodity-linked currency, the latest moves are being driven primarily by the US dollar’s broad decline across global markets.