30 Jul 2015
USD/CAD off peaks, eases to 1.2970
FXStreet (Edinburgh) - The recovery in USD/CAD seems to have found a tough barrier in the 1.3000 neighbourhood, with spot now deflating towards the 1.2970 area.
USD/CAD eyes on US GDP
The pair has managed to reverse Wednesday’s sharp pullback to fresh multi-day lows near 1.2860 as the better tone in crude oil prices was lending extra support to the Canadian dollar.
Subsequent buying interest around USD in response to the FOMC statement has been sustaining the upside to the upper-1.2900s since then, although the bullish attempt seems to have run out of legs in the vicinity of 1.3000 the figure ahead of the key Q2 GDP figures in the US economy due later (2.6% exp.).
USD/CAD key levels
As of writing the pair is advancing 0.23% at 1.2975 with the initial hurdle at 1.2995 (high Jul.30) followed by 1.3043 (high Jul.28) and then 1.3046 (high Jul.23). On the other hand, a break below 1.2940 (low Jul.30) would pave the way to 1.2861 (low Jul.29) and finally 1.2728 (low Jul.16).
USD/CAD eyes on US GDP
The pair has managed to reverse Wednesday’s sharp pullback to fresh multi-day lows near 1.2860 as the better tone in crude oil prices was lending extra support to the Canadian dollar.
Subsequent buying interest around USD in response to the FOMC statement has been sustaining the upside to the upper-1.2900s since then, although the bullish attempt seems to have run out of legs in the vicinity of 1.3000 the figure ahead of the key Q2 GDP figures in the US economy due later (2.6% exp.).
USD/CAD key levels
As of writing the pair is advancing 0.23% at 1.2975 with the initial hurdle at 1.2995 (high Jul.30) followed by 1.3043 (high Jul.28) and then 1.3046 (high Jul.23). On the other hand, a break below 1.2940 (low Jul.30) would pave the way to 1.2861 (low Jul.29) and finally 1.2728 (low Jul.16).