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    USD/CAD slips to lows near 1.2950 ahead of ADP

    The better tone in the risk-associated space is now giving extra legs to the Canadian dollar, sending USD/CAD to the lower bound of the range in the mid-1.2900s.USD/CAD attention to dataThe pair is retreating for the second straight session so far, coming down from yesterday’s peaks in the 1.3050 area following a recovery of crude oil prices and the shift in USD-sentiment.Wednesday’s FOMC minutes showed a hesitant tone from the Committee, removing some tailwinds from the greenback and allowing the subsequent rebound in riskier assets.In the data space, Canadian Building Permits and Ivey’s PMI are due later, while the ADP report, Initial Claims and the EIA’s weekly report on crude inventories are all expected on the US docket.USD/CAD significant levelsAs of writing the pair is retreating 0.12% at 1.2948 and a break below 1.2905 (20-day sma) would aim for 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23). On the other hand, the next up barrier aligns at 1.3056 (high Jul.6) followed by 1.3121 (high Jun.27) and then 1.3191 (high May 24).


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