1 Jul 2015
USD/CAD in highs near 1.2550
FXStreet (Edinburgh) - The greenback keeps appreciating vs. its Canadian counterpart on Wednesday, pushing USD/CAD to daily highs near 1.2550.
USD/CAD boosted by US data
The pair is looking to consolidate the recent break above the 1.2500 handle, after recent poor GDP figures in the Canadian economy rang alarms that the BoC could cut rates further at its July meeting.
Spot saw its upside renewed after US ADP Employment report showed the private sector created 237K jobs during June, surpassing estimates and coming higher than the previous month. Next on tap will be Markit’s manufacturing PMI followed by the more relevant ISM Manufacturing.
USD/CAD key levels
At the moment the pair is up 0.36% at 1.2541 with the initial hurdle at 1.2563 (high Jun.5) followed by 1.2602 (high Apr.14) and finally 1.2646 (high Apr.13). On the other hand, a breakdown of 1.2362 (low Jun.30) would aim for 1.2304 (low Jun.29) and then 1.2276 (low Jun.24).
USD/CAD boosted by US data
The pair is looking to consolidate the recent break above the 1.2500 handle, after recent poor GDP figures in the Canadian economy rang alarms that the BoC could cut rates further at its July meeting.
Spot saw its upside renewed after US ADP Employment report showed the private sector created 237K jobs during June, surpassing estimates and coming higher than the previous month. Next on tap will be Markit’s manufacturing PMI followed by the more relevant ISM Manufacturing.
USD/CAD key levels
At the moment the pair is up 0.36% at 1.2541 with the initial hurdle at 1.2563 (high Jun.5) followed by 1.2602 (high Apr.14) and finally 1.2646 (high Apr.13). On the other hand, a breakdown of 1.2362 (low Jun.30) would aim for 1.2304 (low Jun.29) and then 1.2276 (low Jun.24).