USD/CAD Firmer, 1.2900 Around the Corner
The Canadian dollar is losing further ground vs. its American neighbor today, lifting USD/CAD to the vicinity of 1.2900 the figure, session tops.
USD/CAD higher on oil weakness
Spot
is challenging multi-day tops as a renewed offered tone in crude oil
prices is weighing on the Canadian dollar. The barrel of West Texas
Intermediate is eroding part of yesterday’s gains and returned to
sub-$44.00 levels, keeping CAD on the back foot.
Key day for the
pair, as both US and CAD labour market figures are due later in the NA
session. US Non-farm Payrolls is seen just above the 200K threshold in
April, while Canadian Employment is expected to increase by a meager 1K
during the same period.
USD/CAD significant levels
As
of writing the pair is up 0.23% at 1.2883 and a breakout of 1.2986
(23.6% Fibo of 1.4692-1.2461) would aim for 1.2992 (high Apr.18) and
then 1.3065 (55-day sma). On the flip side, the next support aligns at
1.2725 (20-day sma) followed by 1.2461 (2016 low May 3) and finally
1.2124 (monthly low Jun.24 2015).
