Back
28 Jul 2015
USD/CAD back below 1.3000 as oil recovers
FXStreet (Córdoba) - USD/CAD dropped to fresh daily lows during the American session as the greenback weakened on the back of disappointing consumer confidence data and oil recovered from below $47 a barrel.
USD/CAD has fallen more than half a cent over the last hours, dipping back below the 1.30 mark to hit a low of 1.2970 in recent dealings. At time of writing, USD/CAD is trading at 1.2980, recording a 0.43% loss on the day.
CAD recovers along with oil
The loonie has picked up pace tracking crude oil during the New York session as WTI bounced from a 6-month low sub $47.00.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find next supports at 1.2945 (Jul 23 low) and 1.2900 (psychological level), while resistances are seen at 1.3053 (Jul 27 high) and 1.3100/02 (psychological level/10-year high Jul 24).
USD/CAD has fallen more than half a cent over the last hours, dipping back below the 1.30 mark to hit a low of 1.2970 in recent dealings. At time of writing, USD/CAD is trading at 1.2980, recording a 0.43% loss on the day.
CAD recovers along with oil
The loonie has picked up pace tracking crude oil during the New York session as WTI bounced from a 6-month low sub $47.00.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find next supports at 1.2945 (Jul 23 low) and 1.2900 (psychological level), while resistances are seen at 1.3053 (Jul 27 high) and 1.3100/02 (psychological level/10-year high Jul 24).