TenkoFX - Analytics


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    USD/CAD off highs, back around 1.2870

    The Canadian dollar is giving away part of yesterday’s gains vs. its American peer, now taking USD/CAD to the area of 1.2870.USD/CAD attention to oil, US dataThe pair is so far reverting the bearish trend that has been prevailing in recent sessions, managing to regain the vicinity of the 1.2900 handle although losing some impetus soon after.Softer crude oil prices are dragging the barrel of West Texas Intermediate back to the $48.00 neighbourhood today, removing a source of strength for CAD.In the data space, BoC’s Business Outlook Survey kept the cautious tone on Monday, while Factor Orders and the speech by FOMC’s Dudley are next on tap later in the NA session.USD/CAD significant levelsAs of writing the pair is advancing 0.25% at 1.2877 and a break above 1.3022 (100-day sma) would expose 1.3121 (high Jun.27) and then 1.3191 (high May 24). On the flip side, the next support lines up at 1.2674 (low Jun.23) ahead of 1.2651 (low Jun.6) and then 1.2458 (2016 low May 3).

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