USD/CAD Keeps Lows Near 1.2800
After a failed attempt to break above the 1.2900 handle on Thursday, USD/CAD has resumed its down move and is now testing lows near 1.2800 the figure.
USD/CAD focus on oil, data
CAD
has managed to regain the upside momentum vs. its American neighbor
this week, forcing spot to retreat from recent April tops around the
1.3200 mark to post fresh 2016 lows near 1.2740 yesterday. The move was
accompanied by a recovery of crude oil prices, driving the barrel of
West Texas Intermediate back above the $41.00 mark.
Ahead in the
session, US Industrial Production, Capacity Utilization and the
Reuters/Michigan index are all due, while Manufacturing Sales are also
expected in Canada.
Moving forward, the meeting between OPEC and non-OPEC oil producers in Doha on Sunday will keep traders vigilant.
USD/CAD significant levels
As
of writing the pair is losing 0.23% at 1.2814 and a breakdown of 1.2744
(2016 low Apr.13) would expose 1.2652 (low Jul.10 2015) and finally
1.2124 (monthly low Jun.24 2015). On the flip side, the next up barrier
aligns at 1.3036 (20-day sma) followed by 1.3208 (23.6% Fibo of
1.4692-1.2750) and then 1.3219 (high Apr.5).
(Market News Provided by FXstreet)
