USD/CAD Off Highs, Back to 1.2850

USD/CAD Off Highs, Back to 1.2850

13 May 2016, 11:50
Roberto Jacobs
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USD/CAD Off Highs, Back to 1.2850

The Canadian dollar has trimmed part of its initial losses vs. its American peer on Friday, now taking USD/CAD to the mid-1.2800s.

USD/CAD focus on US data, oil

Spot has lost upside momentum after testing 1.2890, as the greenback has deflated from daily highs when tracked by the US Dollar Index, while an offered tone in crude oil prices keep capping CAD gains for the time being.

Ahead in the NA session, USD will take centre stage in light of April’s Retail Sales and the Reuters/Michigan index, followed by the US oil rig count by driller Baker Hughes.

USD/CAD significant levels 

As of writing the pair is up 0.10% at 1.2856 and a breakout of 1.2996 (55-day sma) would open the door to 1.3015 (high May 9) and then 1.3219 (high Apr.5). On the flip side, the next support aligns at 1.2740 (20-day sma) followed by 1.2461 (2016 low May 3) and finally 1.2124 (monthly low Jun.24 2015).


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