USD/CAD Makes U-turn, Takes Back Losses
USD/CAD rebounded
from daily lows as markets made a U-turn mid-American session, with the
US dollar taking back most of the losses incurred on the back of
disappointing data.
USD/CAD turned higher after bottoming out at 1.2770 and climbed to the
1.2860 zone, moving inversely with oil prices which wiped out daily
gains. At time of writing, USD/CAD is trading at 1.2840, just a few pips
below its opening price.
USD/CAD technical levels
In terms of technical levels, next resistances are seen at 1.2878 (May
12 high), 1.2940 (May 11 high) and 1.2962 (50-day SMA). On the flip
side, supports could be found at 1.2770 (May 12 low), 1.2737 (20-day
SMA)and 1.2696 (May 4 low)
