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).

The greenback keeps losing ground across the board on Tuesday, now dragging USD/CAD back to sub-1.2400 levels…

(Market News Provided by FXstreet)

By FXOpen