USD/CAD extends recovery above 1.2600

USD/CAD bounced sharply from fresh 2016 lows and erased most of last week’s losses during the last couple of sessions.

USD/CAD bottomed out at 1.2460 on Tuesday, marking its lowest level since June 2015, but it has risen more than 200 pips ever since toward a high of 1.2665 in recent dealings. The Canadian dollar remains among the worst performers across the board, along with other commodity currencies, and with WTI adding pressure as it extends its correction lower.

USD/CAD technical levels

As for technical levels, immediate resistances line up at 1.2684 (Apr 27 high), 1.2750 (20-day SMA) and 1.2685 (Apr 26 high). On the flip side, next supports are seen at 1.2460 (2016 low, May 3), 1.2415 (100-week SMA) and 1.2362 (Jun 30 2015 low).