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5 Feb 2015
USD/CAD threatens 1.2400
FXStreet (Edinburgh) - The US dollar is now quickly resuming the downside vs. its Canadian peer, dragging USD/CAD to the boundaries of the critical support at 1.2400.
USD/CAD weaker on oil, USD weakness
A re-emergence of the offered tone around the greenback plus another recovery in the crude oil prices are plotting against any sustained bullish attempt of the pair, coming down from session tops in the 1.2580 area posted in early trade.
However, the pair will remain under pressure in light of the US and Canadian labour market releases on Friday: consensus expects the US Payrolls to come in at 234K in January, and the jobless rate unchanged at 5.6%, whereas Canadian employment would have increased by 4.5K, with the unemployment rate unmoved at 6.7%.
USD/CAD key levels
At the moment the pair is retreating 1.20% at 1.2413 and a breach of 1.2390 (low Feb.4) would open the door to 1.2353 (low Feb.3) ahead of 1.2314 (low Jan.22). On the flip side, the initial hurdle lines up at 1.2585 (high Feb.5) followed by 1.2591 (high Feb.4) and then 1.2600 (psychological handle).
USD/CAD weaker on oil, USD weakness
A re-emergence of the offered tone around the greenback plus another recovery in the crude oil prices are plotting against any sustained bullish attempt of the pair, coming down from session tops in the 1.2580 area posted in early trade.
However, the pair will remain under pressure in light of the US and Canadian labour market releases on Friday: consensus expects the US Payrolls to come in at 234K in January, and the jobless rate unchanged at 5.6%, whereas Canadian employment would have increased by 4.5K, with the unemployment rate unmoved at 6.7%.
USD/CAD key levels
At the moment the pair is retreating 1.20% at 1.2413 and a breach of 1.2390 (low Feb.4) would open the door to 1.2353 (low Feb.3) ahead of 1.2314 (low Jan.22). On the flip side, the initial hurdle lines up at 1.2585 (high Feb.5) followed by 1.2591 (high Feb.4) and then 1.2600 (psychological handle).