14 Aug 2015
USD/CAD sidelined around 1.3070, data eyed
FXStreet (Edinburgh) - The greenback is posting meagre gains vs. its Canadian neighbour on Friday, with USD/CAD meandering around 1.3065/70.
USD/CAD attention to oil, US docket
The pair is struggling for direction during the European morning, keeping the weekly range in the upper-1.3000s and still recovering part of the ground lost on Wednesday’s sharp sell-off.
The Canadian dollar continues under pressure against the backdrop of increasing selling interest around crude oil, which have recently posted fresh multi-year lows in the $42.00 neighbourhood.
Ahead in the session, US Producer Prices, Industrial Production and the confidence gauge tracked by the Reuters/Michigan index are all due. On the Canadian side, Manufacturing Shipments are expected to have expanded 2.1% MoM in June.
USD/CAD levels to consider
At the moment the pair is advancing 0.05% at 1.3069 with the next hurdle at 1.3086 (high Aug.14) ahead of 1.3159 (high Aug.12) and then 1.3183 (high Aug.10). On the other hand, a breakdown of 1.3043 (low Aug.14) would open the door to 1.2957 (low Aug.13) and finally 1.2940 (low Jul.31).
USD/CAD attention to oil, US docket
The pair is struggling for direction during the European morning, keeping the weekly range in the upper-1.3000s and still recovering part of the ground lost on Wednesday’s sharp sell-off.
The Canadian dollar continues under pressure against the backdrop of increasing selling interest around crude oil, which have recently posted fresh multi-year lows in the $42.00 neighbourhood.
Ahead in the session, US Producer Prices, Industrial Production and the confidence gauge tracked by the Reuters/Michigan index are all due. On the Canadian side, Manufacturing Shipments are expected to have expanded 2.1% MoM in June.
USD/CAD levels to consider
At the moment the pair is advancing 0.05% at 1.3069 with the next hurdle at 1.3086 (high Aug.14) ahead of 1.3159 (high Aug.12) and then 1.3183 (high Aug.10). On the other hand, a breakdown of 1.3043 (low Aug.14) would open the door to 1.2957 (low Aug.13) and finally 1.2940 (low Jul.31).