10 Aug 2015
USD/CAD slumps to lows near 1.3000
FXStreet (Edinburgh) - The softer tone in the greenback is now relegating USD/CAD to test the lower bound of the daily range around 1.3055/10.
USD/CAD lower on Lockhart comments
Comments by Atlanta Fed President D.Lockhart were not as supportive of the US dollar as last week’s ones. Although he stressed that a rate hike is closer, he avoided to make any reference to the likeliness of a rate hike next month, intensifying the downside pressure on the greenback.
In the data space, Fed’s Labour Market Conditions Index came in at 1.1 during July, down from June’s 1.4 (revised from 0.8).
USD/CAD key levels
At the moment the pair is losing 0.90% at 1.3114 and a breach of 1.3103 (low Aug.4) would open the door to 1.2940 (low Jul.31) and then 1.2955 (low Jul.30). On the upside, the next hurdle aligns at 1.3183 (high Aug.10) ahead of 1.3199 (high Aug.5) and finally 1.3215 (2015 high Aug.5).
USD/CAD lower on Lockhart comments
Comments by Atlanta Fed President D.Lockhart were not as supportive of the US dollar as last week’s ones. Although he stressed that a rate hike is closer, he avoided to make any reference to the likeliness of a rate hike next month, intensifying the downside pressure on the greenback.
In the data space, Fed’s Labour Market Conditions Index came in at 1.1 during July, down from June’s 1.4 (revised from 0.8).
USD/CAD key levels
At the moment the pair is losing 0.90% at 1.3114 and a breach of 1.3103 (low Aug.4) would open the door to 1.2940 (low Jul.31) and then 1.2955 (low Jul.30). On the upside, the next hurdle aligns at 1.3183 (high Aug.10) ahead of 1.3199 (high Aug.5) and finally 1.3215 (2015 high Aug.5).