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28 Jul 2015
USD/CAD slumps to 1.2910
FXStreet (Edinburgh) - The Canadian dollar keeps appreciating vs. its American peer on Tuesday, dragging USD/CAD to test fresh lows near 1.2910.
USD/CAD in 2-week lows
The recovery of crude oil prices is giving some extra oxygen to the Canadian dollar today, sending spot nearly 2 big-figures down from recent 10-year tops in levels just above the 1.3100 handle.
A mixed US docket today failed to ignite a more sustainable buying pressure in the US dollar, relegating the pair to 2-week lows in the vicinity of the 1.2900 neighbourhood.
The next big event for the pair will be tomorrow’s FOMC meeting – consensus tilted to a USD-supportive statement – and Friday’s Canadian GDP figures.
USD/CAD key levels
As of writing the pair is retreating 0.84% at 1.2928 and a breach of 1.2911 (low Jul.28) would open the door to 1.2728 (low Jul.16) and finally 1.2683 (low Jul.13). On the flip side, the next up barrier lines up at 1.3043 (high Jul.28) followed by 1.3046 (high Jul.23) and then 1.3103 (2015 high Jul.24).
USD/CAD in 2-week lows
The recovery of crude oil prices is giving some extra oxygen to the Canadian dollar today, sending spot nearly 2 big-figures down from recent 10-year tops in levels just above the 1.3100 handle.
A mixed US docket today failed to ignite a more sustainable buying pressure in the US dollar, relegating the pair to 2-week lows in the vicinity of the 1.2900 neighbourhood.
The next big event for the pair will be tomorrow’s FOMC meeting – consensus tilted to a USD-supportive statement – and Friday’s Canadian GDP figures.
USD/CAD key levels
As of writing the pair is retreating 0.84% at 1.2928 and a breach of 1.2911 (low Jul.28) would open the door to 1.2728 (low Jul.16) and finally 1.2683 (low Jul.13). On the flip side, the next up barrier lines up at 1.3043 (high Jul.28) followed by 1.3046 (high Jul.23) and then 1.3103 (2015 high Jul.24).