The Canadian dollar extends its gains vs. the greenback today, sending USD/CAD to the lower end of the range near the key support at 1.3000 the figure.
USD/CAD around 1.3000, EIA eyed
The pair remains entrenched in the negative territory today followed the generalized offered tone around the US dollar, exacerbated after yesterday’s unexpected dovish remarks by Chairwoman Yellen.
Adding to the downside, the barrel of West Texas Intermediate has recovered the smile today, regaining the $39.00 mark and beyond while at the same time eclipsing the positive result from US ADP (200K act.), all ahead of the EIA’s weekly report on crude oil inventories.
USD/CAD significant levels
As of writing the pair is losing 0.47% at 1.3011 and a breakdown of 1.2919 (2016 low Mar.18) would expose 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, the next hurdle lines up at 1.3204 (20-day sma) followed by 1.3368 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919).
Trade the nonfarm payrolls & US Employment reports – Live Coverage & Analysis
(Market News Provided by FXstreet)