USD/CAD Bid Around 1.2690, Oil Eyed
USD/CAD
is attempting a consolidation scheme below the 1/2700 handle at the
beginning of the week, coming up from lows near 1.2660 during the Asian
session.
USD/CAD attention to oil
The
pair keeps the narrow range as the week has kicked in, with the
greenback giving away part of last Friday’s advance and the barrel of
West Texas Intermediate posting marginal losses below $43.50.
In
the data space, US New Home Sales are due later in the NA session, while
the immediate event risk in the Canadian docket will be February’s GDP
figures due on Friday.
USD/CAD significant levels
As
of writing the pair is up 0.09% at 1.2692 and a breakout of 1.2872
(20-day sma) would aim for 1.3090 (23.6% Fibo of 1.4690-1.2594) and then
1.3219 (high Apr.5). On the flip side, the next support aligns at
1.2744 (2016 low Apr.13) ahead of 1.2652 (low Jul.10 2015) and finally
1.2124 (monthly low Jun.24 2015).
