USD/CAD Depressed Below 1.2900, Focus on Fedspeak
The Canadian dollar remains on a firm footing today, now dragging USD/CAD to the 1.2870 area.
USD/CAD lower on oil, USD selling
The barrel of West Texas Intermediate has advanced to fresh highs above the critical $40.00 mark, giving extra wings to CAD and thus sending spot to print fresh multi-month lows near 1.2850, albeit recovering some ground afterwards.
In the data space, nothing in Canada until tomorrow’s BoC interest rate decision, while speeches by Fed’s Lacker, Williams and Harker will grab investors’ attention later in the NA session.
USD/CAD significant levels
As of writing the pair is losing 0.19 % at 1.2872 and a breakdown of 1.2851 (2016 low Apr.12) would aim for 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the other hand, the initial up barrier aligns at 1.3067 (20-day sma) ahead of 1.3290 (23.6% Fibo of 1.4692-1.2858) and then 1.3393 (200-day sma).
(Market News Provided by FXstreet)