- Spot supported near 1.2460.
- USD bouncing off lows.
- US docket next on tap.
The greenback is alternating gaind with losses today, managing to lift USD/CAD to the boundaries of the 1.2500 handle after bottoming out around 1.2460 in early trade.
USD/CAD focused on US data, BoC
After testing the 1.2460 region earlier in the session, or fresh multi-day lows, the pair seems to have grabbed some attention and is now staging a rebound back to the 1.2500 neighbourhood in response to a better tone in US yields.
In fact, yields of the key US 10-year benchmark are hovering over session tops in the proximity of 2.94%, levels last traded in January 2014, widening at the same time the spread vs. its Canadian counterpart.
In addition, crude oil prices are fading earlier gains, collaborating with the offered tone in the Canadian Dollar.
Later in the session, the Philly Fed index is due seconded by the NY Empire State index, producer prices for the month of January and the usual weekly report on US labour market. In Canada, Deputy Governor L.Schembri is due to speak tomorrow.
USD/CAD significant levels
As of writing the index is up 0.04% at 1.2498 and a breakout of 1.2536 (10-day sma) would open the door to 1.2575 (21-day sma) and finally 1.2649 (high Feb.14). On the downside, the initial support emerges at 1.2469 (23.6% Fibo of the 217 drop) followed by 1.2466 (low Feb.15) and then 1.2449 (21-day sma).
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