5 Aug 2015
USD/CAD drops to lows near 1.3120
FXStreet (Edinburgh) - The greenback is losing the grip vs. its Canadian counterpart on Wednesday, dragging USD/CAD to session lows around 1.3120.
USD/CAD weaker on US data
The pair has retreated from the upper 1.3100s following a lower-than-expected ADP number, with the US private sector adding 185K jobs during last month, missing forecasts for a 215K gain and lower that June’s 229K (revised from 237K).
Adding to the USD-selling, US trade deficit widened to $43.84 billion during last month. In Canada, the trade deficit shrunk to $0.84 billion in June, bettering expectations for a $2.80 billion deficit.
USD/CAD relevant levels
At the moment the pair is retreating 0.43% at 1.3136 with the next support at 1.3103 (low Aug.4) and then 1.2940 (low Jul.31). On the other hand, a breakout of 1.3215 (2015 high Aug.5) would expose 1.3344 (monthly high July 2004) and finally 1.3515 (monthly high January 2004).
USD/CAD weaker on US data
The pair has retreated from the upper 1.3100s following a lower-than-expected ADP number, with the US private sector adding 185K jobs during last month, missing forecasts for a 215K gain and lower that June’s 229K (revised from 237K).
Adding to the USD-selling, US trade deficit widened to $43.84 billion during last month. In Canada, the trade deficit shrunk to $0.84 billion in June, bettering expectations for a $2.80 billion deficit.
USD/CAD relevant levels
At the moment the pair is retreating 0.43% at 1.3136 with the next support at 1.3103 (low Aug.4) and then 1.2940 (low Jul.31). On the other hand, a breakout of 1.3215 (2015 high Aug.5) would expose 1.3344 (monthly high July 2004) and finally 1.3515 (monthly high January 2004).