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2 Jun 2015
USD/CAD drops below 1.2500
FXStreet (Edinburgh) - The greenback continues to give ground on Tuesday, now dragging USD/CAD to fresh lows around 1.2440.
USD/CAD trims weekly gains
The pair has now surrendered weekly gains, coming down from multi-week tops near 1.2570 posted on Monday. The apparent imminence of a Greece-EU deal has boosted the demand for the riskier assets in detriment of the US dollar, relegating spot to briefly visit weekly troughs in sub-1.2450 levels.
Absent releases in Canada, the most relevant publication will be the US Factory Orders, expected to come in flat during April vs. the previous month gain of 2.1%.
USD/CAD key levels
At the moment the pair is losing 0.65% at 1.2469 with the immediate support at 1.2432 (low Jun.2) followed by 1.2408 (low May 19) and finally 1.2396 (low May 27). On the other hand, a breakout of 1.2537 (high Jun.2) would open the door to 1.2540 (high May 28) en route to 1.2567 (high Jun.1).
USD/CAD trims weekly gains
The pair has now surrendered weekly gains, coming down from multi-week tops near 1.2570 posted on Monday. The apparent imminence of a Greece-EU deal has boosted the demand for the riskier assets in detriment of the US dollar, relegating spot to briefly visit weekly troughs in sub-1.2450 levels.
Absent releases in Canada, the most relevant publication will be the US Factory Orders, expected to come in flat during April vs. the previous month gain of 2.1%.
USD/CAD key levels
At the moment the pair is losing 0.65% at 1.2469 with the immediate support at 1.2432 (low Jun.2) followed by 1.2408 (low May 19) and finally 1.2396 (low May 27). On the other hand, a breakout of 1.2537 (high Jun.2) would open the door to 1.2540 (high May 28) en route to 1.2567 (high Jun.1).