USD/CAD Retreats from Highs, Back Near 1.2720

USD/CAD Retreats from Highs, Back Near 1.2720

4 May 2016, 08:06
Roberto Jacobs

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).


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