21 Jul 2015
USD/CAD off highs, back below 1.30
FXStreet (Edinburgh) - The US dollar is losing its shine vs. its Canadian counterpart on Tuesday, pushing USD/CAD back to the 1.2990/85 band.
USD/CAD down from 1.3010
After hitting overnight peaks around 1.3010, the pair lost some upside momentum and is now attempting to consolidate just below the 1.3000 key barrier. Despite breaking above the 1.3000 handle in past sessions and posting fresh cycle highs, a sustainable surpass still remains elusive while a stronger catalyst (Fed’s lift-off?) might be needed.
The vacuum of data releases in the US and Canada will remain today, leaving the pair to the mercy of the broader risk trends. Next of relevance will be US Markit’s Services PMI and Existing Home Sales (Wednesday), while Retail Sales are due in Canada on Thursday.
USD/CAD key levels
As of writing the pair is retreating 0.03% at 1.2990 with the next support at 1.2952 (low Jul.20) followed by 1.2905 (low Jul.16) and finally 1.2728 (low Jul.15). On the flip side, a breakout of 1.3012 (high Jul.21) would open the door to 1.3025 (high Jul.20) and then 1.3065 (high Mar.2 2009).
USD/CAD down from 1.3010
After hitting overnight peaks around 1.3010, the pair lost some upside momentum and is now attempting to consolidate just below the 1.3000 key barrier. Despite breaking above the 1.3000 handle in past sessions and posting fresh cycle highs, a sustainable surpass still remains elusive while a stronger catalyst (Fed’s lift-off?) might be needed.
The vacuum of data releases in the US and Canada will remain today, leaving the pair to the mercy of the broader risk trends. Next of relevance will be US Markit’s Services PMI and Existing Home Sales (Wednesday), while Retail Sales are due in Canada on Thursday.
USD/CAD key levels
As of writing the pair is retreating 0.03% at 1.2990 with the next support at 1.2952 (low Jul.20) followed by 1.2905 (low Jul.16) and finally 1.2728 (low Jul.15). On the flip side, a breakout of 1.3012 (high Jul.21) would open the door to 1.3025 (high Jul.20) and then 1.3065 (high Mar.2 2009).