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22 Apr 2015
USD/CAD found support at 1.2210
FXStreet (Edinburgh) - The Canadian dollar is now shedding part of the initial gains vs. the greenback, pushing USD/CAD back to the 1.2235/40 band.
USD/CAD eyes on the US docket
Spot found some support in the 1.2210 area during the European morning, ahead of the US data releases due later: Existing Home Sales (5.05 M exp. in March), Housing Price Index (0.7% Feb) and the weekly report on crude oil inventories by EIA, expected to increase by 2.375 million barrels in the week ended on April 17th.
After bottoming out in fresh multi-month lows just below the 1.2100 handle last week, the pair gained steam and recovered the 1.2200 mark and beyond, although gains seem to be limited by yesterday’s tops near 1.2300.
USD/CAD significant levels
At the moment the pair is losing 0.30% at 1.2244 and a breach of 1.2215 (low Apr.21) would expose 1.2180 (low Apr.20) and finally 1.2100 (psychological level). On the other hand, the immediate resistance aligns at 1.2296 (high Apr.21) followed by 1.2300 (psychological level) and then 1.2328 (high Apr.16).
USD/CAD eyes on the US docket
Spot found some support in the 1.2210 area during the European morning, ahead of the US data releases due later: Existing Home Sales (5.05 M exp. in March), Housing Price Index (0.7% Feb) and the weekly report on crude oil inventories by EIA, expected to increase by 2.375 million barrels in the week ended on April 17th.
After bottoming out in fresh multi-month lows just below the 1.2100 handle last week, the pair gained steam and recovered the 1.2200 mark and beyond, although gains seem to be limited by yesterday’s tops near 1.2300.
USD/CAD significant levels
At the moment the pair is losing 0.30% at 1.2244 and a breach of 1.2215 (low Apr.21) would expose 1.2180 (low Apr.20) and finally 1.2100 (psychological level). On the other hand, the immediate resistance aligns at 1.2296 (high Apr.21) followed by 1.2300 (psychological level) and then 1.2328 (high Apr.16).