12 Aug 2015
USD/CAD regains the 1.3000 area
FXStreet (Edinburgh) - After bottoming out in the mid-1.2900s, USD/CAD has now retaken the 1.3000 neighbourhood.
USD/CAD lower on USD
A generalized selling interest is hurting the US dollar on Wednesday, extending the drop to multi-day lows when measured by the US Dollar Index (DXY) and relegating spot to re-visit the 1.2955/50 area.
In addition, today’s recovery in crude oil prices remains a source of CAD strength, collaborating further with the pair’s decline.
Very light calendar in Canada will leave the attention to the US docket, where key Retail Sales are due tomorrow ahead of Initial Claims.
USD/CAD levels to consider
At the moment the pair is retreating 0.89% at 1.2997 with the immediate support at 1.2950 (low Aug.12) followed by 1.2940 (low Jul.31) and then 1.2911 (low Jul.28). On the flip side, a breakout of 1.3159 (high Aug.12) would aim for 1.3183 (high Aug.10) and then 1.3199 (high Aug.5).
USD/CAD lower on USD
A generalized selling interest is hurting the US dollar on Wednesday, extending the drop to multi-day lows when measured by the US Dollar Index (DXY) and relegating spot to re-visit the 1.2955/50 area.
In addition, today’s recovery in crude oil prices remains a source of CAD strength, collaborating further with the pair’s decline.
Very light calendar in Canada will leave the attention to the US docket, where key Retail Sales are due tomorrow ahead of Initial Claims.
USD/CAD levels to consider
At the moment the pair is retreating 0.89% at 1.2997 with the immediate support at 1.2950 (low Aug.12) followed by 1.2940 (low Jul.31) and then 1.2911 (low Jul.28). On the flip side, a breakout of 1.3159 (high Aug.12) would aim for 1.3183 (high Aug.10) and then 1.3199 (high Aug.5).