USD/CAD within a narrow range below 1.2500
|The Canadian Dollar is alternating gains and losses vs. the greenback on Thursday, with USD/CAD navigating a tight 30+ pips range.
USD/CAD gains capped near 1.2600
The pair is attempting to consolidate after yesterday’s strong pullback amidst the generalized offered bias around the greenback.
In the meantime, US-CA yield spread differentials continue to drive the sentiment around spot, relegating crude oil dynamics to a secondary role for the time being. In this regard, it is worth mentioning that the barrel of West Texas Intermediate is shedding nearly a dollar (or around 1.5%) to the $51.30 region.
Auspicious results from US initial claims and the higher-than-expected Philly Fed manufacturing index did little-to-nothing to spark a lasting bull run in the buck, while investors keep looking to tomorrow’s key releases in Canada: inflation figures and retail sales.
USD/CAD significant levels
As of writing the pair is up 0.13% at 1.2483 facing the next up barrier at 1.2511 (high Oct.17) followed by 1.2599 (high Oct.6) and finally 1.2664 (high Aug.31). On the other hand, a breach of 1.2431 (low Oct.12) would open the door to 1.2431 (low Oct.12) and then 1.2253 (low Sep.22).
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.