27 Feb 2015
USD/CAD grinds lower to 1.2480
FXStreet (Edinburgh) - A softer tone from the US dollar today is sending USD/CAD to session lows in the 1.2480/70 band.
USD/CAD focus on US data
The pair is extending its correction lower after an increased buying interest around the dollar lifted it to the area of 1.2540 on Thursday. Ahead in the day, the USD dynamics will remain the main catalyst for the price action, with relevant releases in the US economy: Chicago PMI, the Reuters/Michigan index and another revision of the Q4 GDP Annualized.
USD/CAD levels to consider
The pair is now down 0.39% at 1.2479 and a breach of 1.2388 (low Feb.26) would allow 1.2360 (low Feb.17) and then 1.2353 (low Feb.3). On the flip side, the initial up barrier lines up at 1.2535 (high Feb.25) followed by 1.2600 (psychological level) and finally 1.2662 (high Feb.24).
USD/CAD focus on US data
The pair is extending its correction lower after an increased buying interest around the dollar lifted it to the area of 1.2540 on Thursday. Ahead in the day, the USD dynamics will remain the main catalyst for the price action, with relevant releases in the US economy: Chicago PMI, the Reuters/Michigan index and another revision of the Q4 GDP Annualized.
USD/CAD levels to consider
The pair is now down 0.39% at 1.2479 and a breach of 1.2388 (low Feb.26) would allow 1.2360 (low Feb.17) and then 1.2353 (low Feb.3). On the flip side, the initial up barrier lines up at 1.2535 (high Feb.25) followed by 1.2600 (psychological level) and finally 1.2662 (high Feb.24).