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5 Feb 2015
USD/CAD testing 1.2500
FXStreet (Edinburgh) - The US dollar is losing the grip vs. its Canadian counterpart on Thursday, sending USD/CAD to challenge the key support at 1.2500.
USD/CAD focus on US, CAD dockets
The pair is coming down from the 1.2580 area amidst a renewed weakness surrounding the greenback, while a recovery in the crude oil prices is giving some support to the Canadian dollar.
Next of relevance for the pair will be the Trade Balance figures from both the Canadian and US economies, along with the weekly report on the US labour market, with Initial Claims expected to rise to 290K in the week ended on January 30th.
USD/CAD key levels
At the moment the pair is retreating 0.38% at 1.2514 and a breach of 1.2507 (low Feb.5) would open the door to 1.2390 (low Feb.4) and then 1.2353 (low Feb.3). On the flip side, a breakout of 1.2591 (high Feb.4) would clear the way to the psychological handle at 1.2600 and finally 1.2645 (high Feb.3).
USD/CAD focus on US, CAD dockets
The pair is coming down from the 1.2580 area amidst a renewed weakness surrounding the greenback, while a recovery in the crude oil prices is giving some support to the Canadian dollar.
Next of relevance for the pair will be the Trade Balance figures from both the Canadian and US economies, along with the weekly report on the US labour market, with Initial Claims expected to rise to 290K in the week ended on January 30th.
USD/CAD key levels
At the moment the pair is retreating 0.38% at 1.2514 and a breach of 1.2507 (low Feb.5) would open the door to 1.2390 (low Feb.4) and then 1.2353 (low Feb.3). On the flip side, a breakout of 1.2591 (high Feb.4) would clear the way to the psychological handle at 1.2600 and finally 1.2645 (high Feb.3).