23 Jul 2015
USD/CAD retakes 1.30 and beyond
FXStreet (Edinburgh) - The US dollar has resumed its upside vs. its fellow neighbour on Thursday, lifting USD/CAD to the vicinity of 1.3030.
USD/CAD coming up from 1.2940
Spot has managed well to revert the drop to session lows in the boundaries of 1.2940 in response to the positive prints from Canadian retail sales during May. However, stellar US Initial Claims in the week ended on July 17th (255K) plus a healthy surprise in CB’s Leading Index has given extra legs to the USD, sparking a recovery beyond the 1.3000 handle.
Moving forwards to Friday’s session, empty docket in Canada will leave the attention to the releases across the border: Markit’s manufacturing PMI for the month of July and New Home Sales (546K exp.)
USD/CAD key levels
As of writing the pair is flat at 1.3032 with the immediate support at 1.2948 (low Jul.23) ahead of 1.2934 (low Jul.22) and then 1.2905 (low Jul.16). On the flip side, a breakout of 1.3049 (high Jul.23) would aim for 1.3065 (monthly high Mar.2010) and then 1.3100 (psychological level).
USD/CAD coming up from 1.2940
Spot has managed well to revert the drop to session lows in the boundaries of 1.2940 in response to the positive prints from Canadian retail sales during May. However, stellar US Initial Claims in the week ended on July 17th (255K) plus a healthy surprise in CB’s Leading Index has given extra legs to the USD, sparking a recovery beyond the 1.3000 handle.
Moving forwards to Friday’s session, empty docket in Canada will leave the attention to the releases across the border: Markit’s manufacturing PMI for the month of July and New Home Sales (546K exp.)
USD/CAD key levels
As of writing the pair is flat at 1.3032 with the immediate support at 1.2948 (low Jul.23) ahead of 1.2934 (low Jul.22) and then 1.2905 (low Jul.16). On the flip side, a breakout of 1.3049 (high Jul.23) would aim for 1.3065 (monthly high Mar.2010) and then 1.3100 (psychological level).