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3 Sep 2015
USD/CAD challenges highs near 1.3290
FXStreet (Edinburgh) - The Canadian dollar is losing ground vs. its US counterpart on Thursday, with USD/CAD stabbing the 1.3280/90 area, or session tops.
USD/CAD bounced off 1.3250
The pair has quickly visited session lows near 1.3250 after Canadian trade deficit came in at $0.59 billion during July, below the forecasted deficit at $1.3 billion and lower than the previous $0.81 billion deficit.
On the US side, Initial Claims up-ticked to 282K in the week ended on August 28 while the trade deficit shrunk to $41.86 billion during the last month, bettering both expectations and previous reading.
USD/CAD levels to consider
At the moment the pair is advancing 0.09% at 1.3281 facing the next resistance at 1.3295 (high Aug.27) ahead of 1.3327 (high Aug.31) and finally 1.3343 (high Aug.26). On the other hand, a break below 1.3247 (low Sep.3) would open the door to 1.3213 (low Sep.2) and then 1.3116 (low Aug.31).
USD/CAD bounced off 1.3250
The pair has quickly visited session lows near 1.3250 after Canadian trade deficit came in at $0.59 billion during July, below the forecasted deficit at $1.3 billion and lower than the previous $0.81 billion deficit.
On the US side, Initial Claims up-ticked to 282K in the week ended on August 28 while the trade deficit shrunk to $41.86 billion during the last month, bettering both expectations and previous reading.
USD/CAD levels to consider
At the moment the pair is advancing 0.09% at 1.3281 facing the next resistance at 1.3295 (high Aug.27) ahead of 1.3327 (high Aug.31) and finally 1.3343 (high Aug.26). On the other hand, a break below 1.3247 (low Sep.3) would open the door to 1.3213 (low Sep.2) and then 1.3116 (low Aug.31).