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3 Jun 2015
USD/CAD flirting with 1.2500
FXStreet (Edinburgh) - The Canadian dollar is now accelerating its depreciation vs. its American counterpart, sending USD/CAD to session lows in the 1.2500 neighbourhood.
USD/CAD stronger on data
Spot is rapidly climbing to the boundaries of 1.2500 the figure after the US external sector figures showed a lower trade deficit during April at $40.88 billion, down from the previous reading at $50.57 billion. Still in the US economy, previous ADP results came in above estimates at 201K, adding extra legs to the USD rally.
On the Canadian side, despite the narrower trade deficit in April at $2.97 billion, it failed to surpass expectations for a $2.10 billion print.
USD/CAD key levels
At the moment the pair is advancing 0.76% at 1.2496 with the next hurdle at 1.2537 (high Jun.2) followed by 1.2538 (high May 28) and finally 1.2567 (high Jun.1). On the flip side, a breakdown of 1.2382 (low Jun.3) would expose 1.2378 (50% of 1.2835-1.1920) and then 1.2368 (low Jun.2).
USD/CAD stronger on data
Spot is rapidly climbing to the boundaries of 1.2500 the figure after the US external sector figures showed a lower trade deficit during April at $40.88 billion, down from the previous reading at $50.57 billion. Still in the US economy, previous ADP results came in above estimates at 201K, adding extra legs to the USD rally.
On the Canadian side, despite the narrower trade deficit in April at $2.97 billion, it failed to surpass expectations for a $2.10 billion print.
USD/CAD key levels
At the moment the pair is advancing 0.76% at 1.2496 with the next hurdle at 1.2537 (high Jun.2) followed by 1.2538 (high May 28) and finally 1.2567 (high Jun.1). On the flip side, a breakdown of 1.2382 (low Jun.3) would expose 1.2378 (50% of 1.2835-1.1920) and then 1.2368 (low Jun.2).