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21 Aug 2015
USD/CAD retakes 1.3150
FXStreet (Edinburgh) - After bottoming out in the 1.3060, USD/CAD has managed to gather steam and recover the 1.3100 handle and beyond.
USD/CAD firmer on oil slump
The Canadian dollar continues to suffer the weakness around crude oil prices, with the West Texas Intermediate dropping below the $40.00/bbl mark for the first time since 2009. In addition, the generalized sell off in commodity-linked currencies remains the almost exclusive driver for the current bearish tone around CAD.
In the data space, Canadian retail sales have surpassed expectations during June, while inflation figures mostly matched forecasts. On the USD side, Markit’s flash manufacturing PMI came in short of expectations at 52.9 for the current month.
USD/CAD levels to consider
At the moment the pair is up 0.59% at 1.3166 and a surpass of 1.3194 (high Aug.21) would aim for 1.3197 (high Aug.6) and then 1.3213 (2015 high Aug.4). On the flip side, the initial support lines up at 1.3060 (low Aug.21) followed by 1.3022 (low Aug.19) and finally 1.2998 (low Aug.11).
USD/CAD firmer on oil slump
The Canadian dollar continues to suffer the weakness around crude oil prices, with the West Texas Intermediate dropping below the $40.00/bbl mark for the first time since 2009. In addition, the generalized sell off in commodity-linked currencies remains the almost exclusive driver for the current bearish tone around CAD.
In the data space, Canadian retail sales have surpassed expectations during June, while inflation figures mostly matched forecasts. On the USD side, Markit’s flash manufacturing PMI came in short of expectations at 52.9 for the current month.
USD/CAD levels to consider
At the moment the pair is up 0.59% at 1.3166 and a surpass of 1.3194 (high Aug.21) would aim for 1.3197 (high Aug.6) and then 1.3213 (2015 high Aug.4). On the flip side, the initial support lines up at 1.3060 (low Aug.21) followed by 1.3022 (low Aug.19) and finally 1.2998 (low Aug.11).