USD/CAD Weaker Around 1.2650, Awaits US Data, BOC Poloz

USD/CAD Weaker Around 1.2650, Awaits US Data, BOC Poloz

26 April 2016, 12:49
Roberto Jacobs
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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).


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