FXStreet (Edinburgh) – The greenback is extending its bounce vs. its Canadian counterpart on Monday, sending USD/CAD towards the 1.2360 area, or daily highs.
USD/CAD focus on US data, Greece
The pair is reverting two sessions in red at the beginning of the week, although it manages well to keep the trade above the 1.2300 handle. A softer tone around crude oil prices and rising jitters on the Greek debt situation are playing against the Canadian dollar so far, which has also ignored the rates cut by the PBoC over the weekend.
Next on tap will be US Pending Home Sales and the Dallas Fed manufacturing index, while Canadian GDP is also due tomorrow.
USD/CAD important levels
As of writing the pair is up 0.38% at 1.2370 facing the next hurdle at 1.2397 (high Jun.26) ahead of 1.2423 (high Jun.24) and finally 1.2563 (high Jun.5). On the flip side, a breakdown of 1.2276 (low Jun.24) would open the door to 1.2218 (low Jun.22) and then 1.2127 (low Jun.18).
(Market News Provided by FXstreet)