FXStreet (Edinburgh) – The greenback is depreciating vs. its American neighbour at the beginning of the week, taking USD/CAD to the area of daily lows around 1.2230.
USD/CAD keeps an eye on Greece, US data
The pair has been meandering in a tight range since the beginning of June in response to a lack of significant catalysts both in Canada and the US. While the US dollar remains unable to grab support from the recent positive results and the prospects of the Federal Reserve hiking at some point in Q3/Q4, the BoC is also keeping its ‘wait-and-see’ stance, both leaving spot expose to the risk appetite trends mainly driven by Greek headlines.
In the data space, the National Activity Index gauged by the Chicago Fed came in at -0.17 for the month of May vs. -0.19 previous, while US Existing Home Sales are due next (5.25M exp.).
USD/CAD levels to consider
At the moment the pair is down 0.32% at 1.2231 with the immediate support at 1.2127 (low Jun.18) ahead of 1.2072 (76.4% of 1.1920-1.2563) and finally 1.1982 (low May 15). On the other hand, a breakout of 1.2360 (high Jun.15) would aim for 1.2442 (high Jun.9) and then 1.2472 (high Jun.8).
(Market News Provided by FXstreet)