USD/CAD Weaker Around 1.2650, Awaits US Data, BOC Poloz
The USD/CAD pair
is seen making minor recovery attempts over the last hour, as the US
dollar pares losses against its major rivals, heading closer towards the
US economic release.
USD/CAD: eyes on 5-DMA at 1.2680
Currently,
the USD/CAD pair drops -0.22% to 1.2649, retreating from fresh session
lows struck at 1.2627 in the last hour. The Loonie trims gains, although
remains strongly bid amid a minor-recovery staged by the oil prices.
Both crude benchmarks reversed a dip seen in early Europe and jumped
back on the bids, now up 0.80%.
The USD/CAD pair is seen
attempting a tepid bounce from lows as the US dollar recovers ground
somewhat against a basket of six major currencies, as the traders bid up
the greenback amid expectations of a rebound in the durable goods data,
especially the core figures, due later in the NY session.
Besides,
BOC Governor Poloz is due to make a speech at Canada-US Securities
Summit, in New York, which is expected to drive moves in the USD/CAD
pair. While the main focus remains on the FOMC decision due to be
announced tomorrow.
USD/CAD Technical Levels
To
the upside, the next resistances are seen near 1.2700/17 (round number/
10-DMA) and 1.2747/50 (1h 200-SMA/ round number). To the downside,
immediate support might be located at 1.2600/1.2590 (psychological
levels) and below that 1.2550 (July 2015 Levels).
