USD/CAD Pushes Higher, Near 1.2780
The buying interest around the greenback remains unabated for the second session in a row, now sending USD/CAD to post daily highs near 1.2780.
USD/CAD up on oil drop, looks to ADP
Spot
continues to derive support from the offered bias around CAD in
response to a softer tone in crude oil prices. In fact, the barrel of
the American benchmark WTI has breached the key $44.00 mark, slipping
further to session lows near $43.60.
Market participants will now
focus on the US ADP report, with consensus expecting the private sector
to have added nearly 200K jobs during April. Moving forward, US and CAD
trade balance figures are due later, followed by the ISM
Non-manufacturing and the EIA weekly report.
USD/CAD significant levels
As
of writing the pair is up 0.33% at 1.2767 and a break above 1.2988
(23.6% Fibo of 1.4692-1.2461) would open the door to 1.2992 (high
Apr.18) and then 1.3094 (55-day sma). On the other hand, the next
support aligns at 1.2461 (2016 low May 3) followed by 1.2400
(psychological level) and finally 1.2124 (monthly low Jun.24 2015).
