Back
1 Apr 2015
USD/CAD rebounds from 1.2580
FXStreet (Edinburgh) -The softness around the US dollar keeps growing on Wednesday, dragging USD/CAD to sub-1.2600 levels.
USD/CAD in 3-day lows
Less auspicious releases in the US economy today saw both the ADP Employment report and the ISM Manufacturing coming in below consensus, adding to the USD downside.
In the same direction, the CAD is deriving extra support from the upside in crude oil prices, rallying more than 5% beyond the $50.00 mark boosted by a bigger-than-expected drop in gasoline inventories and uncertainty regarding the Iran nuclear talks.
USD/CAD levels to consider
As of writing the pair is retreating 0.63% at 1.2605 and a breakdown of 1.2575 (low Apr.1) would target 1.2500 (psychological level). On the other hand, the initial hurdle aligns at 1.2711 (high Apr.1) ahead of 1.2800 (high Jan.30) and finally 1.2835 (2015 high Mar.18).
USD/CAD in 3-day lows
Less auspicious releases in the US economy today saw both the ADP Employment report and the ISM Manufacturing coming in below consensus, adding to the USD downside.
In the same direction, the CAD is deriving extra support from the upside in crude oil prices, rallying more than 5% beyond the $50.00 mark boosted by a bigger-than-expected drop in gasoline inventories and uncertainty regarding the Iran nuclear talks.
USD/CAD levels to consider
As of writing the pair is retreating 0.63% at 1.2605 and a breakdown of 1.2575 (low Apr.1) would target 1.2500 (psychological level). On the other hand, the initial hurdle aligns at 1.2711 (high Apr.1) ahead of 1.2800 (high Jan.30) and finally 1.2835 (2015 high Mar.18).