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2 Jun 2015
USD/CAD consolidates below 1.2400
FXStreet (Edinburgh) - The greenback keeps losing ground across the board on Tuesday, now dragging USD/CAD back to sub-1.2400 levels.
USD/CAD capped by 1.2550
The bounce off recent lows in the 1.1900 area seems to have found strong resistance in the mid-1.2500s so far, or multi-week tops. Today’s renewed softness around the US dollar prompted sellers to step in and relegate spot to the current area below the 1.2400 mark, or multi-day lows, where it tries to consolidate.
Miserable results today from US Factory Orders collaborated with the downbeat sentiment around the USD, already hurt by hopes of a EU-Greece deal.
USD/CAD key levels
At the moment the pair is losing 0.99% at 1.2396 with the immediate support at 1.2378 (50% of 1.2835-1.1920) followed by 1.2368 (low Jun.2) and finally 1.2367 (Tenkan Sen). On the other hand, a breakout of 1.2537 (high Jun.2) would open the door to 1.2538 (high May 28) en route to 1.2567 (high Jun.1).
USD/CAD capped by 1.2550
The bounce off recent lows in the 1.1900 area seems to have found strong resistance in the mid-1.2500s so far, or multi-week tops. Today’s renewed softness around the US dollar prompted sellers to step in and relegate spot to the current area below the 1.2400 mark, or multi-day lows, where it tries to consolidate.
Miserable results today from US Factory Orders collaborated with the downbeat sentiment around the USD, already hurt by hopes of a EU-Greece deal.
USD/CAD key levels
At the moment the pair is losing 0.99% at 1.2396 with the immediate support at 1.2378 (50% of 1.2835-1.1920) followed by 1.2368 (low Jun.2) and finally 1.2367 (Tenkan Sen). On the other hand, a breakout of 1.2537 (high Jun.2) would open the door to 1.2538 (high May 28) en route to 1.2567 (high Jun.1).