FXStreet (Edinburgh) – The Canadian dollar is recovering some of its early losses vs. its American neighbour, taking USD/CAD back to the 1.2600 neighbourhood.
USD/CAD firmer pre-Payrolls
The pair is extending its weekly upside today, coming down after testing fresh multi-week peaks near 1.2640 in early trade. While the activity returns to the Canadian markets following yesterday’s celebration of the Canada Day, the domestic data only includes the RBC’s manufacturing PMI, although the most significant release will be the US Payrolls, expected at 230K during June.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
USD/CAD key levels
At the moment the pair is up 0.15% at 1.2608 with the initial hurdle at 1.2635 (high Jul.2) ahead of 1.2646 (high Apr.13) and finally 1.2666 (high Apr.10). On the other hand, a breakdown of 1.2575 (low Jul.2) would open the door to 1.2487 (low Jul.1) and then 1.2362 (low Jun.30).
(Market News Provided by FXstreet)