USD/CAD Retraces the Gap, Near 1.2950
The Canadian dollar has recovery little ground vs. the greenback on Monday, with USD/CAD now returning to the mid-1.2900s.
USD/CAD higher post-Doha
The (expected?) failed attempt to clinch a deal between OPEC and non-OPEC countries at the meeting in Doha on Sunday has taken a toll on crude oil prices – with WTI and Brent crude losing more than 4% as of writing – and thus weighed heavily on CAD, sending spot to the boundaries of 1.3000 the figure following the Asian open.
Data wise, nothing worth mentioning in Canada, with only the NAHB index due in the US docket, leaving spot to the mercy of the risk trends while market participants adjust the trade to the recent outcome in Doha.
USD/CAD significant levels
As of writing the pair is up 1.10% at 1.2950 and a breakout of 1.3024 (20-day sma) would open the door to 1.3219 (high Apr.5) and then 1.3298 (high MAr.24). On the flip side, the next support aligns at 1.2744 (2016 low Apr.13) followed by 1.2652 (low Jul.10 2015) and finally 1.2124 (monthly low Jun.24 2015).