USD/CAD Remains Capped Below 1.2560, US Data Eyed
The USD/CAD pair
extends its side-trend into Europe, oscillating in 30-pips slim range
amid subdued trading seen in the oil prices, as attention now turns
towards the US data lined up for release later today.
USD/CAD trades below all major DMAs
Currently,
the USD/CAD pair drops -0.09% to 1.2525, moving-off fresh session lows
struck at 1.2534 in the last hour. The Loonie is seen paring gains,
despite a minor-recovery attempted by the oil prices, as the sentiment
around the USD/CAD pair is largely driven by the USD price action
against its major rivals.
Meanwhile, the US oil dips -0.72%,
Brent loses over -1%, and the USD index drops -0.15% to trade near fresh
8-month lows of 92.79 levels.
Looking ahead, the pair will
continue to track the broader market sentiment and the oil prices ahead
of the release of US ISM manufacturing PMI report, which may have major
impact on the US dollar.
USD/CAD Technical Levels
To
the upside, the next resistances are seen near 1.2558/60 (5-DMA/ key
barrier) and 1.2600/15 (round number/ 10-DMA). To the downside,
immediate support might be located at 1.2500/1.2495 (round number/ Apr
29 low) and below that 1.2471/50 (July 2015 low/ June 2015 Levels).
