8 Jul 2015
USD/CAD remains above 1.2700
FXStreet (Edinburgh) - The greenback is posting marginal gains vs. its Canadian counterpart on Wednesday, with USD/CAD meandering the low-1.2700s.
USD/CAD focus on FOMC
The pair has faded the recent spike to nearly 3-month tops around 1.2780 and has now deflated to the 1.2700 neighbourhood, where it struggles to keep the trade above the 1.2700 mark.
While a profit-taking session is hurting the USD, market participants will focus on the key FOMC minutes due later while Building Permits is only due in Canada.
USD/CAD key levels
At the moment the pair is up 0.17% at 1.2727 with the initial hurdle at 1.2779 (high Jul.7) followed by 1.2784 (high Mar.31) and finally 1.2823 (high Mar.13). On the other hand, a breakdown of 1.2537 (low Jul.3) would open the door to 1.2487 (low Jul.1) and then 1.2362 (low Jun.30).
USD/CAD focus on FOMC
The pair has faded the recent spike to nearly 3-month tops around 1.2780 and has now deflated to the 1.2700 neighbourhood, where it struggles to keep the trade above the 1.2700 mark.
While a profit-taking session is hurting the USD, market participants will focus on the key FOMC minutes due later while Building Permits is only due in Canada.
USD/CAD key levels
At the moment the pair is up 0.17% at 1.2727 with the initial hurdle at 1.2779 (high Jul.7) followed by 1.2784 (high Mar.31) and finally 1.2823 (high Mar.13). On the other hand, a breakdown of 1.2537 (low Jul.3) would open the door to 1.2487 (low Jul.1) and then 1.2362 (low Jun.30).