TenkoFX - Analytics

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    USD/CAD off highs, consolidates around 1.2800

    The Canadian dollar remains on a firmer note vs. its American peer today, dragging USD/CAD to the area of 1.2800.USD/CAD focus on Brexit, oilCAD has managed to regain ground lost following a pick up of the risk appetite trend and a recovery in crude oil prices after reports showed inventories dropped less than forecasted during last week.In the data/event space, the EU-UK Referendum will be the most relevant event today and tomorrow, seconded by today’s US Initial Claims, New Home Sales and the advanced Markit’s Manufacturing PMI.USD/CAD significant levelsAs of writing the pair is losing 0.1631 at 1.2803 facing the next support at 1.2651 (low Jun.8) followed by 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3). On the other hand, a surpass of 1.2856 (55-day sma) would aim for 1.2887 (20-day sma) and finally 1.3087 (high Jun.16).


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