USD/CAD Trims Gains to 1.2720 ahead of Data

USD/CAD Trims Gains to 1.2720 ahead of Data

10 June 2016, 08:28
Roberto Jacobs
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USD/CAD Trims Gains to 1.2720 ahead of Data

The Canadian dollar is now reclaiming the ground lost to its American neighbor, dragging USD/CAD to the 1.2720 area.

USD/CAD focus on data, oil

The pair is alternating gains with losses on Friday although it still manages to keep the trade above the 1.2700 mark for the time being.

The recent retracement of the barrel of West Texas Intermediate from fresh 2016 highs has removed tailwinds from CAD and sparked a rebound from lows in the mid-1.2600s, while the incipient bid tone in the greenback has been also collaborating with the upside.

Ahead in the session, Canadian labour market figures will take centre stage, while the Reuters/Michigan index is only expected south of the border.

USD/CAD significant levels

As of writing the pair is up 0.04% at 1.2727 facing the next hurdle at 1.2887 (55-day sma) ahead of 1.2967 (20-day sma) and finally 1.3145 (high May 30). On the downside, a break below 1.2655 (low Jun.8) would expose 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3).

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