14 Aug 2015
USD/CAD clings to gains around 1.3070
FXStreet (Edinburgh) - The US dollar has reverted the negative tone vs. its Canadian peer on Friday, with USD/CAD now navigating the 1.3070/75 band.
USD/CAD upside capped near 1.3090
After a brief test of daily lows near 1.3020, spot staged a bullish attempt although the upside found a tough barrier in the boundaries of 1.3090, leaving it to consolidate in the current 1.3075/80 band.
Auspicious data in the US docket today – Producer Prices, Industrial Production - helped the pair to recover part of the deep pullback seen on Thursday, although they will not prevent it from closing the week in red figures after seven consecutive advances.
USD/CAD levels to consider
At the moment the pair is advancing 0.10% at 1.3075 with the next hurdle at 1.3088 (high Aug.14) ahead of 1.3159 (high Aug.12) and then 1.3183 (high Aug.10). On the other hand, a breakdown of 1.3043 (low Aug.14) would open the door to 1.2957 (low Aug.13) and finally 1.2940 (low Jul.31).
USD/CAD upside capped near 1.3090
After a brief test of daily lows near 1.3020, spot staged a bullish attempt although the upside found a tough barrier in the boundaries of 1.3090, leaving it to consolidate in the current 1.3075/80 band.
Auspicious data in the US docket today – Producer Prices, Industrial Production - helped the pair to recover part of the deep pullback seen on Thursday, although they will not prevent it from closing the week in red figures after seven consecutive advances.
USD/CAD levels to consider
At the moment the pair is advancing 0.10% at 1.3075 with the next hurdle at 1.3088 (high Aug.14) ahead of 1.3159 (high Aug.12) and then 1.3183 (high Aug.10). On the other hand, a breakdown of 1.3043 (low Aug.14) would open the door to 1.2957 (low Aug.13) and finally 1.2940 (low Jul.31).