3 Feb 2015
USD/CAD around 1.2520 on US data
FXStreet (Edinburgh) - The greenback posted no significant reaction following the results from the US Factory Orders, with USD/CAD hovering over 1.2520/25.
USD/CAD supported near 1.2500
The generalized weakness surrounding the US dollar is hurting the pair, although sellers failed to break below the critical support at the 1.2500 handle so far. In the meantime, the US docket keeps disappointing, this time with Factory Orders contracting more than expected 3.4% MoM during December, extending the previous 1.7% drop.
Same as yesterday, improving crude oil prices continue to give support to the CAD and thus accelerating the pair’s correction lower from recent tops in the 1.2800 neighbourhood.
USD/CAD relevant levels
The pair is now losing 0.50% at 1.2514 with the immediate support lying at 1.2500 (psychological level) ahead of 1.2390 (low Jan.28) and then 1.2379 (low Jan.27). On the other hand, a break above 1.2600 (psychological level) would target 1.2645 (hourly high Feb.3) en route to 1.2772 (high Feb.2).
USD/CAD supported near 1.2500
The generalized weakness surrounding the US dollar is hurting the pair, although sellers failed to break below the critical support at the 1.2500 handle so far. In the meantime, the US docket keeps disappointing, this time with Factory Orders contracting more than expected 3.4% MoM during December, extending the previous 1.7% drop.
Same as yesterday, improving crude oil prices continue to give support to the CAD and thus accelerating the pair’s correction lower from recent tops in the 1.2800 neighbourhood.
USD/CAD relevant levels
The pair is now losing 0.50% at 1.2514 with the immediate support lying at 1.2500 (psychological level) ahead of 1.2390 (low Jan.28) and then 1.2379 (low Jan.27). On the other hand, a break above 1.2600 (psychological level) would target 1.2645 (hourly high Feb.3) en route to 1.2772 (high Feb.2).