The Canadian dollar has taken back yesterday’s losses versus the greenback, supported by a strong oil recovery and better than expected Canadian trade data.
USD/CAD has lost more than 150 pips throughout the day, retreating from near 1.2600 to a low of 1.2408 so far, dragged down by a stronger loonie as oil rose more than 5% back above $50 a barrel. At time of writing, USD/CAD is trading at the 1.2430 area, 1.14% below its opening price.
USD/CAD levels to watch
On the downside, immediate supports are seen at 1.2400 (psychological level) and 1.2351 (Feb 3 low). On the flip side, resistances could be found at 1.2500 (psychological level) and 1.2591 (Feb 4 high).
USD/CAD has lost more than 150 pips throughout the day, retreating from near 1.2600 to a low of 1.2408 so far, dragged down by a stronger loonie as oil rose more than 5% back above $50 a barrel. At time of writing, USD/CAD is trading at the 1.2430 area, 1.14% below its opening price.
USD/CAD levels to watch
On the downside, immediate supports are seen at 1.2400 (psychological level) and 1.2351 (Feb 3 low). On the flip side, resistances could be found at 1.2500 (psychological level) and 1.2591 (Feb 4 high).
