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4 Feb 2015
USD/CAD flirting with session highs
FXStreet (Edinburgh) - The greenback is prolonging its rebound from sub-1.2400 levels vs. the Canadian dollar, pushing USD/CAD to challenge intraday peaks near 1.2460.
USD/CAD focus on US, Canada data
The pair is reverting two consecutive sessions of losses, where the renewed buying interest around the barrel of WTI helped the CAD to recover some of the ground lost in recent weeks. The US dollar is now picking up pace ahead of key data from the US ADP Employment Report and ISM Non-Manufacturing, while Canadian PMI tracked by the Ivey institute is also due.
From the technical view, Chief Strategist at Scotiabank Shaun Osborne adds “Absent clearer signs of a technical reversal in the broader bull trend, we a re reluctant to view this dip as anything more than a correction or consolidation in the underlying trend higher. We think dips remain a buying opportunity”.
USD/CAD key levels
At the moment the pair is advancing 0.72% at 1.2472 and a breakout of 1.2512 (low Jan.29) ahead of 1.2600 (psychological level) and then 1.2643 (high Feb.3). On the flip side, the initial down barrier lies at 1.2353 (low Feb.3) ahead of 1.2314 (low Jan.22) and finally 1.2286 (23.6% of 1.0620-1.2800).
USD/CAD focus on US, Canada data
The pair is reverting two consecutive sessions of losses, where the renewed buying interest around the barrel of WTI helped the CAD to recover some of the ground lost in recent weeks. The US dollar is now picking up pace ahead of key data from the US ADP Employment Report and ISM Non-Manufacturing, while Canadian PMI tracked by the Ivey institute is also due.
From the technical view, Chief Strategist at Scotiabank Shaun Osborne adds “Absent clearer signs of a technical reversal in the broader bull trend, we a re reluctant to view this dip as anything more than a correction or consolidation in the underlying trend higher. We think dips remain a buying opportunity”.
USD/CAD key levels
At the moment the pair is advancing 0.72% at 1.2472 and a breakout of 1.2512 (low Jan.29) ahead of 1.2600 (psychological level) and then 1.2643 (high Feb.3). On the flip side, the initial down barrier lies at 1.2353 (low Feb.3) ahead of 1.2314 (low Jan.22) and finally 1.2286 (23.6% of 1.0620-1.2800).