USD/CAD Retreats from Highs, Back Near 1.2720
The upside momentum in the greenback seems to be taking a breather ahead of the European open today, with USD/CAD easing some ground to the 1.2720 area.
USD/CAD attention to US data, oil
The ongoing pullback in crude oil prices continues to have an impact on CAD, as the barrel of WTI
is extending its recent breakdown of the $44.00 mark following higher
than expected stockpiles during last week, according to the API’s report
on Tuesday.
The greenback will take centre stage later today in
light of the slew of economic data in the US economy: ADP report,
Factory Orders, ISM Non-manufacturing and the EIA weekly report on crude
inventories.
USD/CAD significant levels
As
of writing the pair is losing 0.02% at 1.2723 and a breakdown of 1.2461
(2016 low May 3) would aim for 1.2400 (psychological level) and then
1.2124 (monthly low Jun.24 2015). On the other hand, the next hurdle
lines up at 1.2988 (23.6% Fibo of 1.4692-1.2461) followed by 1.2992
(high Apr.18) and then 1.3094 (55-day sma).
