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13 Apr 2015
USD/CAD returns to sub-1.2600
FXStreet (Edinburgh) - The US dollar is now quickly losing the grip vs. its Canadian counterpart on Monday, sending USD/CAD back below the 1.2600 key support.
USD/CAD weaker on USD, oil
The solid performance of crude oil prices today is backing the better tone around the Canadian dollar, collaborating at the same time with the intraday correction lower.
After hitting fresh peaks in the 1.2650 area, the initial bull run lacked follow through and triggered the current knee-jerk to the 1.2590 region, all against the backdrop of empty docket in Canada and the US.
USD/CAD levels to watch
At the moment the pair is advancing 0.22% at 1.2590 with the next hurdle at 1.2656 (high Apr.2) followed by 1.2710 (high Apr.1) and finally 1.2784 (high Mar.31). On the other hand, a breakdown of 1.2564 (low Apr.13) would aim for 1.2574 (high Apr.3) and then 1.2559 (low Apr.8).
USD/CAD weaker on USD, oil
The solid performance of crude oil prices today is backing the better tone around the Canadian dollar, collaborating at the same time with the intraday correction lower.
After hitting fresh peaks in the 1.2650 area, the initial bull run lacked follow through and triggered the current knee-jerk to the 1.2590 region, all against the backdrop of empty docket in Canada and the US.
USD/CAD levels to watch
At the moment the pair is advancing 0.22% at 1.2590 with the next hurdle at 1.2656 (high Apr.2) followed by 1.2710 (high Apr.1) and finally 1.2784 (high Mar.31). On the other hand, a breakdown of 1.2564 (low Apr.13) would aim for 1.2574 (high Apr.3) and then 1.2559 (low Apr.8).