FXStreet (Edinburgh) – The Canadian dollar is gathering further traction vs. its neighbour on Thursday, dragging USD/CAD to session lows near 1.2360.
USD/CAD weaker post-US data
The pair has accelerated its daily decline following mixed prints from the US calendar today, with Initial Claims and Personal Spending coming in above market expectations, whereas Services PMI gauged by Markit dropped to 54.8 vs. 56.7 expected at 56.2 previous.
Spot is thus prolonging its correction lower following 2-week tops near 1.2420 posted on Wednesday, on its way to test the critical support around the 1.2300 neighbourhood.
USD/CAD levels to watch
At the moment the pair is losing 0.30% at 1.2349 and a breakdown of 1.2276 (low Jun.24) would aim for 1.2218 (low Jun.22) and then 1.2216 (low Jun.19). On the flip side, the next up barrier lies at 1.2382 (high Jun.23) followed by 1.2400 (psychological level) and finally 1.2442 (high Jun.9).
(Market News Provided by FXstreet)