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9 Jul 2015
USD/CAD stabilizing around 1.2730
FXStreet (Edinburgh) - The US dollar is shedding ground vs. its Canadian counterpart on Thursday, taking USD/CAD to the 1.2730 area.
USD/CAD capped by 1.2800
Spot is advancing for the third consecutive week so far, although the upside momentum has lost vigour in the vicinity of the key barrier at 1.2800. The USD dynamics continue to be the main driver behind the pair’s price action, while concerns over a potential rate cut by the BoC next week have been also hurting the CAD.
Today’s solid print from Canadian Housing Starts and the recovery in crude oil prices keep lending support to CAD, capping the upside at the same time.
USD/CAD key levels
At the moment the pair is down 0.15% at 1.2727 and a breakdown of 1.2664 (low Jul.9) would open the door to 1.2537 (low Jul.3) and then 1.2487 (low Jul.1). On the other hand, the next hurdle lines up at 1.2779 (high Jul.7) followed by 1.2784 (high Mar.31) and finally 1.2823 (high Mar.13).
USD/CAD capped by 1.2800
Spot is advancing for the third consecutive week so far, although the upside momentum has lost vigour in the vicinity of the key barrier at 1.2800. The USD dynamics continue to be the main driver behind the pair’s price action, while concerns over a potential rate cut by the BoC next week have been also hurting the CAD.
Today’s solid print from Canadian Housing Starts and the recovery in crude oil prices keep lending support to CAD, capping the upside at the same time.
USD/CAD key levels
At the moment the pair is down 0.15% at 1.2727 and a breakdown of 1.2664 (low Jul.9) would open the door to 1.2537 (low Jul.3) and then 1.2487 (low Jul.1). On the other hand, the next hurdle lines up at 1.2779 (high Jul.7) followed by 1.2784 (high Mar.31) and finally 1.2823 (high Mar.13).