FXStreet (Edinburgh) – The Canadian solar keeps appreciating vs. the greenback today, now dragging USD/CAD to test daily lows near 1.3220.
USD/CAD lower on oil, data
CAD remains well supported by the strong recovery of crude oil prices today, with the barrel of West Texas Intermediate approaching the $47.00 mark, or up nearly 4% as of writing. Crude oil prices remain the almost exclusive catalyst for the CAD in the near term, relegating domestic data to a secondary role for the time being.
In the data space, spot paid little attention to the up tick in Initial Claims (277K), the better-than-expected manufacturing PMI tracked by Markit and the key ISM Manufacturing (50.2)
USD/CAD levels to consider
At the moment the pair is now losing 0.71% at 1.3219 and a break below 1.3176 (low Sep.21) would open the door to 1.3160 (low Sep.16) and finally 1.3012 (low Sep.18). On the upside, the initial hurdle lines up at 1.3334 (high Oct.1) ahead of 1.3412 (high Sep.30) and then1.3457 (high Sep.29).
(Market News Provided by FXstreet)