USD/CAD Off Daily Highs
USD/CAD turned lower and trimmed most of its intraday
gains as the loonie regained ground at the beginning of the American
session, moving in tandem with oil prices.
WTI pulled back from 5-month highs on Monday, dragging the loonie down with it. However, movements have been limited and USD/CAD trades only marginally higher at 1.2677 at the time of writing.
USD/CAD technical levels
As for technical levels, immediate supports could be faced at 1.2621 (Apr 22 low), 1.2592 (2016 low, Apr 20) and 1.2562 (Jul 6 2015 low). On the flip side, resistances are seen at 1.2716 (Apr 25 high), 1.2757 (Apr 22 high) and 1.2798 (Apr 19 high).