FXStreet (Edinburgh) – After hitting session highs near 1.2340, USD/CAD has now faded the bull run and is now gyrating around the 1.2300 key support.
USD/CAD attention to US data
Spot is looking to overcome the tough resistance barrier around 1.2350, after bottoming out in the 1.2200 neighbourhood following the offered tone in the greenback during the initial sessions of the week.
The recent recovery in crude oil prices has been supporting the demand for the Canadian dollar at the same time, somehow limiting the pair’s upside.
Next on tap in the US docket will be Producer Prices and the consumer sentiment gauged by the Reuters/Michigan index.
USD/CAD key levels
At the moment the pair is up 0.08% at 1.2303 and a break above 1.2335 (high Jun.12) would open the door to 1.2352 (high Jun.10) and then 1.2442 (high Jun.9). On the other hand, the immediate support aligns at 1.2276 (low Jun.12) followed by 1.2173 (low May 22) and finally 1.2170 (low May 20).
(Market News Provided by FXstreet)