USD/CAD Under Pressure, near 1.2630

USD/CAD Under Pressure, near 1.2630

21 April 2016, 08:47
Roberto Jacobs

USD/CAD Under Pressure, near 1.2630

After posting fresh 2016 lows near 1.2590 on Wednesday, USD/CAD has regained traction and managed to retake the 1.2630 area today.

USD/CAD lower on oil, risk

CAD has derived further buying interest following another bout of bids in crude oil prices, with the barrel of West Texas Intermediate navigating YTD peaks near $44.50 as of writing.

The resulting bias towards the risk appetite continues to sustain the solid momentum around CAD, which is trading in levels last seen in July 2015.

Ahead in the session, nothing is scheduled in Canada, whereas Initial Claims and the Philly Fed Manufacturing index are due in the US docket.

USD/CAD significant levels

As of writing the pair is losing 0.20% at 1.2631 and a breakdown of 1.2594 (2016 low Apr.20) would aim for 1.2124 (monthly low Jun.24 2015) and finally 1.1916 (low May 14 2015). On the other hand, the next hurdle lines up at 1.2942 (20-day sma) followed by 1.3090 (23.6% Fibo of 1.4690-1.2594) and then 1.3219 (high Apr.5).


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