USD/CAD Bid Around 1.2690, Oil Eyed

USD/CAD Bid Around 1.2690, Oil Eyed

25 April 2016, 09:29
Roberto Jacobs

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).


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