9 May 2016
USD/CAD extends the upside above 1.2900
The greenback has resumed its earlier positive note, now lifting USD/CAD to the area of 1.2925/30 ahead of the opening bell in Euroland.
USD/CAD focus on oil, wildfires
Spot is trading in the upper end of the recent range although a break above the psychological handle at 1.30 still remains elusive.
The renewed bid tone surrounding the greenback plus sellers driving crude oil lower early in Europe keep bolstering the pair’s upside, while traders’ attention remain on the wildfires in the Alberta region.
On the data front, FOMC’s Evans and Kashkari are due to speak later, while the Fed’s Labor Market Conditions Index and Canadian Housing Starts will be in the limelight as well.
USD/CAD significant levels
As of writing the pair is up 0.12% at 1.2924 and a breakout of 1.2986 (23.6% Fibo of 1.4692-1.2461) would aim for 1.2992 (high Apr.18) and then 1.2025 (55-day sma). On the flip side, the next support aligns at 1.2736 (20-day sma) followed by 1.2461 (2016 low May 3) and finally 1.2124 (monthly low Jun.24 2015).
USD/CAD focus on oil, wildfires
Spot is trading in the upper end of the recent range although a break above the psychological handle at 1.30 still remains elusive.
The renewed bid tone surrounding the greenback plus sellers driving crude oil lower early in Europe keep bolstering the pair’s upside, while traders’ attention remain on the wildfires in the Alberta region.
On the data front, FOMC’s Evans and Kashkari are due to speak later, while the Fed’s Labor Market Conditions Index and Canadian Housing Starts will be in the limelight as well.
USD/CAD significant levels
As of writing the pair is up 0.12% at 1.2924 and a breakout of 1.2986 (23.6% Fibo of 1.4692-1.2461) would aim for 1.2992 (high Apr.18) and then 1.2025 (55-day sma). On the flip side, the next support aligns at 1.2736 (20-day sma) followed by 1.2461 (2016 low May 3) and finally 1.2124 (monthly low Jun.24 2015).