USD/CAD back in the red near 1.2580, Canadian data in focus
|Broad based US dollar recovery lost legs in early Europe, now pushing USD/CAD to hit fresh daily lows near 1.2580 region.
USD/CAD eyes on Canadian CPI, retail sales
The major stalled its recovery from fourteen-month lows of 1.2543, as the USD bears regained control, knocking-off the USD index back below 94 handle in a bid to test multi-month lows of 93.89 levels.
The US political drama surrounding Trump’s election campaign continues to weigh heavily on the US dollar, while the resource-linked Loonie also benefits from the recent strength seen in oil prices, after the black gold clinched fresh six-week highs a day before.
Looking ahead, it’s a big day today for the Canadian dollar, with the risk events due on the cards from the Canadian docket, including the CPI and retail sales data.
USD/CAD Technical levels
The next resistance can be seen at 1.2605 (daily top), 1.2640/54 (Jul 20 & 19 high) and 1.2679 (10-DMA). Next support to the downside can be found at 1.2543 (multi-month lows), 1.2496 (classic S2/ Fib R1) and 1.2450 (psychological levels).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.