USD/CAD Keeps 1.2500… for Now
There is no respite for the greenback so far, with USD/CAD posting marginal losses albeit managing to trade above the 1.2500 handle early in Europe.
USD/CAD attention to US data, oil
Spot
has bounced off recent multi-month lows just below the 1.2500 key
support (Friday), although it remains unable to gather further traction
amidst increasing selling pressure around the US dollar.
Today’s
softer tone in crude oil prices has alleviated some CAD upside
pressure, with the barrel of West Texas Intermediate off recent YTD
highs above the $46.00 mark.
Ahead in the NA session, ISM
Manufacturing and speeches by Lockhart and Williams will be the main
highlights in the US docket, while RBC’s Manufacturing PMI is only due
in Canada.
USD/CAD significant levels
As
of writing the pair is losing 0.09% at 1.2544 and a breakdown of 1.2495
(2016 low Apr.29) would aim for 1.2124 (monthly low Jun.24 2015). On
the other hand, the next hurdle lines up at 1.2548 (20-day sma) followed
by 1.3014 (23.6% Fibo of 1.4690-1.2495) and then 1.3108 (55-day sma).
