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4 May 2015
USD/CAD dips below 1.2100
FXStreet (Córdoba) - USD/CAD has been moving lower throughout the day, trimming Friday’s gains, as the loonie gets support from oil that is trading near $60 a barrel.
USD/CAD backed away from a peak of 1.2205 scored last New York session, and slid all the way back to a low of 1.2097 in recent dealings. At time of writing, the pair is trading at 1.2100, recording a 0.59% loss on the day.
In the macroeconomic domain, first-tier data is expected this week, including Canada’s trade balance on Tuesday, Ivey PMI on Wednesday and double payroll on Friday.
USD/CAD technical perspective
“USDCAD has achieved the bear objective we set out in the middle of last month following the breakdown in spot below the base of the January-April consolidation range at 1.2360”, said the TD Securities team. “Technically, price action suggests an interim low at least is forming; a strong gain over this week overall will confirm that and support the impression of a longer-term base in place. Intraday, we look for support on dips to the 1.2075/00 zone. Resistance is 1.2165”.
USD/CAD backed away from a peak of 1.2205 scored last New York session, and slid all the way back to a low of 1.2097 in recent dealings. At time of writing, the pair is trading at 1.2100, recording a 0.59% loss on the day.
In the macroeconomic domain, first-tier data is expected this week, including Canada’s trade balance on Tuesday, Ivey PMI on Wednesday and double payroll on Friday.
USD/CAD technical perspective
“USDCAD has achieved the bear objective we set out in the middle of last month following the breakdown in spot below the base of the January-April consolidation range at 1.2360”, said the TD Securities team. “Technically, price action suggests an interim low at least is forming; a strong gain over this week overall will confirm that and support the impression of a longer-term base in place. Intraday, we look for support on dips to the 1.2075/00 zone. Resistance is 1.2165”.