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).
