17 Mar 2015
USD/CAD choppy below 1.2800
FXStreet (Edinburgh) - The greenback is posting meager gains vs. its Canadian counterpart on Tuesday, with USD/CAD meandering around 1.2780.
USD/CAD capped by 1.2800
Declining oil prices keep weighing on the Canadian dollar so far, collaborating with the pair’s upside against the backdrop of a mixed tone from the US dollar and its rivals.
Data wise, the US housing sector showed opposite results during February from Housing Starts and Building Permits, dropping to 897K and increasing to 1.092 million, respectively. In Canada, Manufacturing Shipments missed forecasts contracting at a monthly pace of 1.7%, reverting the previous 1.6% advance.
USD/CAD key levels
At the moment the pair is gaining 0.06% at 1.2780 and a break above 1.2825 (2015 high Mar.13) would open the door to 1.2845 (high Mar.13 2009) and then 1.2900 (psychological level). On the other hand, the initial support aligns at 1.2735 (low Mar.16) ahead of 1.2681 (low Mar.13) and then 1.2613 (low Mar.12).
USD/CAD capped by 1.2800
Declining oil prices keep weighing on the Canadian dollar so far, collaborating with the pair’s upside against the backdrop of a mixed tone from the US dollar and its rivals.
Data wise, the US housing sector showed opposite results during February from Housing Starts and Building Permits, dropping to 897K and increasing to 1.092 million, respectively. In Canada, Manufacturing Shipments missed forecasts contracting at a monthly pace of 1.7%, reverting the previous 1.6% advance.
USD/CAD key levels
At the moment the pair is gaining 0.06% at 1.2780 and a break above 1.2825 (2015 high Mar.13) would open the door to 1.2845 (high Mar.13 2009) and then 1.2900 (psychological level). On the other hand, the initial support aligns at 1.2735 (low Mar.16) ahead of 1.2681 (low Mar.13) and then 1.2613 (low Mar.12).