FXStreet (Edinburgh) – The greenback is now losing its shine vs. its Canadian counterpart today, with USD/CAD orbiting around the 1.2380 level.
USD/CAD focus on US, CAD data
The pair keeps the narrow range today, coming down from session peaks in the 1.2420 area albeit finding decent support in the vicinity of 1.2380. A recovery attempt in crude oil prices is giving some support to the CAD, although the generalized context keeps biased towards the USD.
Data wise, US Consumer Confidence, Chicago PMI and the S&P/Case-Shiller index are all due later, while Canadian GDP figures is expected to show an increment of 0.1% during April.
USD/CAD levels to watch
At the moment the pair is down 0.18% at 1.2380 with the next support at 1.2304 (low Jun.29) followed by 1.2276 (low Jun.24) and then 1.2218 (low Jun.22). On the other hand, a break above 1.2423 (high Jun.29) would open the door to 1.2442 (high Jun.9) and finally 1.2472 (high Jun.8).
The greenback is now losing its shine vs. its Canadian counterpart today, with USD/CAD orbiting around the 1.2380 level…
(Market News Provided by FXstreet)