11 May 2015
USD/CAD in tight range near 1.2100
FXStreet (Edinburgh) - After climbing as high as 1.2140 overnight, USD/CAD has now deflated to the 1.2090 area.
USD/CAD remains rangebound
The pair keeps meandering between 1.2000 and 1.2200, looking to stabilize after the drop from April tops near 1.2600. Spot kept the range despite the positive results from Payrolls in the US economy (223K), prompting investors to think that a stronger catalyst might be needed in order to break the current pattern.
Next of relevance in the pair will be US Retail Sales due on Wednesday ahead of the BoC Review due on Thursday.
USD/CAD levels to consider
At the moment the pair is advancing 0.15% at 1.2091 facing the next up barrier at 1.2145 (high May 8) followed by 1.2164 (high May 7) and then 1.2180 (high May 4). On the flip side, a breakdown of 1.2080 (low May 11) would open the door to 1.2046 (low May 8) and finally 1.2033 (low May 7).
USD/CAD remains rangebound
The pair keeps meandering between 1.2000 and 1.2200, looking to stabilize after the drop from April tops near 1.2600. Spot kept the range despite the positive results from Payrolls in the US economy (223K), prompting investors to think that a stronger catalyst might be needed in order to break the current pattern.
Next of relevance in the pair will be US Retail Sales due on Wednesday ahead of the BoC Review due on Thursday.
USD/CAD levels to consider
At the moment the pair is advancing 0.15% at 1.2091 facing the next up barrier at 1.2145 (high May 8) followed by 1.2164 (high May 7) and then 1.2180 (high May 4). On the flip side, a breakdown of 1.2080 (low May 11) would open the door to 1.2046 (low May 8) and finally 1.2033 (low May 7).