USD/CAD bounces off lows, back around 1.3050

Pablo Piovano FXStreet

The greenback has trimmed some of its earlier losses vs. its Canadian peer today, with USD/CAD now regaining the mid-1.3000s in the wake of US releases.

USD/CAD supported near 1.3010

Spot has managed to revert part of the initial downside momentum, as buyers seem to have turned up in the 1.3010 area following auspicious results from the US calendar.

USD picked up some pace after very auspicious readings from its neighbour, with Initial Claims, Building Permits, Housing Starts and the Philly Fed Manufacturing gauge all coming in above expectations.

However, gains in crude oil prices have so far managed to keep the barrel of WTI with meagre gains, somewhat limiting the upside.

Sustaining the upside, yields in the US money markets are extending the rebound from daily lows, with the 10-year reference flirting with 2.49%.

USD/CAD significant levels

As of writing the pair is losing 0.25% at 1.3047 facing the next support at 1.3010 (low Feb.16) seconded by 1.3006 (low Feb.6) and then 1.2967 (low Jan.31). On the other hand, a surpass of 1.3109 (20-day sma) would aim for 1.3121 (high Feb.15) and finally 1.3144 (200-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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