USD/CAD struggling at 14-month lows, just above 1.25 mark

Haresh Menghani FXStreet

The USD/CAD pair struggled to attract any buying interest at lower levels and hangs closer to over 14-month lows touched on Friday.

The pair extended its recent bearish trajectory through the course of last week and was being weighed down by broad based US Dollar weakness on growing skepticism over the Trump administration's pro-growth policy agenda.

Even Friday's softer Canadian CPI print, which to some extent got negated by stronger than expected monthly retail sales growth did little to stall the pair's ongoing downtrend to the lowest level since May 2016.

With the US Dollar entering a bearish consolidation phase, a mildly softer tone around crude oil prices, which drives demand for the commodity-linked currency - Loonie, has failed to provide any respite for the bulls and the pair oscillated within a 30-pips narrow trading range below mid-1.2500s.

Today's US economic docket features the release of flash PMI prints and existing home sales data, which would be looked upon for some short-term trading impetus ahead of this week's key event risk - FOMC decision on Wednesday.

Technical levels to watch

A follow through selling pressure below 1.2522 level (Friday’s low) is likely to drag the pair immediately towards the key 1.25 psychological mark en-route May 2015 lows support near the 1.2460 region.

On the upside, recovery beyond mid-1.2500s could get extended towards 1.2590 horizontal resistance ahead of the 1.2620-25 hurdle.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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